v3.26.1
Equity Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Equity Securities Investments in Real Estate Debt
The following table describes our real estate debt investment activity (amounts in thousands):
Investments in Real Estate Debt:For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025
 Beginning balance$12,616 $9,530 
 Interest revenue received in kind328 295 
Ending balance$12,944 $9,825 
Interest revenue received in kind represents accruable interest receivable from related investments in real estate debt upon maturity, net of payments received during the period. Interest revenue received in kind is presented within “Investments in real estate debt” in these condensed consolidated financial statements.
The following table presents the Company’s investments in real estate debt as of June 30, 2026 (dollar amounts in thousands):
Asset TypeNumber of
Investments
Principal Amount
or Cost (1)
Future Funding
Commitments		Carrying
Value
Senior Debt1$2,475 $- $2,475 
Preferred Equity110,469$- 10,469
Balance as of June 30, 20262$12,944 $- $12,944 
(1) This includes the stated amount of funds disbursed to date, interest that is contractually converted into principal, and interest revenue received in kind.
Additional information regarding the fair value of the Company’s investments in real estate debt is included in Note 10, Fair Value of Financial Instruments.
The following table presents the Company’s investments in real estate debt as of December 31, 2025 (dollar amounts in thousands):
Asset TypeNumber of
Investments
Principal
Amount or
Cost (1)
Future Funding
Commitments		Carrying
Value
Senior Debt1$2,475 $- $2,475 
Preferred Equity110,141$- 10,141
Balance as of December 31, 20252$12,616 $- $12,616 
(1) This includes the stated amount of funds disbursed to date, interest that is contractually converted into principal, and interest revenue received in kind.
The following table presents certain information about the Company’s investments in real estate debt, as of June 30, 2026, by contractual maturity grouping (dollar amounts in thousands):
Asset TypeNumber of
Investments		Amounts
Maturing
Within One
Year		Amounts
Maturing
After One
Year
Through
Five Years		Amounts
Maturing After
Five Years
Through Ten
Years		Amounts
Maturing After
Ten Years
Senior Debt
1$2,475 $- $- $- 
Preferred Equity1-10,469--
Balance as of June 30, 20262$2,475 $10,469 $- $- 
The following table presents certain information about the Company’s investments in real estate debt, as of December 31, 2025, by contractual maturity grouping (dollar amounts in thousands):
Asset TypeNumber of
Investments		Amounts
Maturing
Within One
Year		Amounts
Maturing
After One
Year
Through
Five Years		Amounts
Maturing After Five
Years
Through Ten
Years		Amounts
Maturing After
Ten Years
Senior Debt (1)
1$2,475 $- $- $- 
Preferred Equity1-10,141--
Balance as of December 31, 20252$2,475 $10,141 $- $- 
(1) The extended loan term expired on December 23, 2025; however, as of December 31, 2025, the investment remained outstanding. See Credit Quality Monitoring assessment for further details.
Credit Quality Monitoring
The Company’s investments in real estate debt that earn interest based on debt-like terms are typically secured by senior liens on real estate properties, mortgage payments, mortgage loans, or interests in entities that have preferred interests in real estate similar to the interests just described. The Company evaluates its investments in real estate debt at least annually and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service or guaranteed preferred equity payments in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company considered investments for which it expects to receive full payment of contractual principal and interest payments as “performing.” In the event that an investment is deemed other than performing, the Company will evaluate the instrument for impairment.
As of June 30, 2026, the Company considers all investments to be performing and no impairment charges have been recorded for either the three months ended June 30, 2026 and 2025 or the six months ended June 30, 2026 and 2025. One investment that had reached its contractual maturity on December 23, 2025 was extended nine months to September 23, 2026 pursuant to an amendment executed during the three and six months ended June 30, 2026, which included payment of all accrued and unpaid interest and replenishment of the related interest reserve.
Equity Securities
The Company’s investments in equity securities consist of equity securities in privately held companies and affiliated real estate investment funds. As of June 30, 2026 and December 31, 2025, the Company’s equity securities consisted of the following (dollars amounts in thousands):
As of
June 30, 2026		As of
December 31, 2025
Asset
Asset Type
Shares
Cost
Basis
Fair Value
Shares
Cost
Basis
Fair Value
Saltbox Inc.
Preferred Stock
1,586,954$1,163 $802 1,586,954$1,163 $1,163 
Fundrise Real Estate Interval Fund, LLC
Registered Investment Company Common Shares
1,524,13218,000 19,082 ---
Total
$19,163 $19,884 $1,163 $1,163 
There were no acquisitions or dispositions of investments in equity securities during the three months ended June 30, 2026 and 2025. During the six months ended June 30, 2026 and 2025, the Company invested approximately $18.0 million and $0, respectively, to purchase shares of Fundrise Real Estate Interval Fund, LLC, an affiliated real estate investment fund, at its then current net asset value per share. Additional information regarding fair value measurements is provided in Note 10, Fair Value of Financial Instruments.