Real Estate Securities

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Note 7 - Real Estate Securities

Real Estate Securities Classified as Available for Sale

The following is a summary of the Company's real estate securities, available for sale, measured at fair value, as of December 31, 2025 (dollars in thousands). As of September 30, 2026, the Company did not hold any real estate securities classified as available for sale.


	CMBS Bonds
	Number of Bonds	Benchmark Interest Rate	Weighted Average Interest Rate	Weighted Average Contractual Maturity (years)	Par Value		Fair Value


December 31, 2025	10	1 Month SOFR	6.61%	8.4	$	151,362	$	151,662

The Company classified its CMBS bonds as available for sale and reports them at fair value in the consolidated balance sheets with changes in fair value recorded in Accumulated other comprehensive income/(loss) in the consolidated balance sheets.

The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS bonds as of December 31, 2025 (dollars in thousands):


	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value


December 31, 2025	$	151,946	$	76	$	(360)	$	151,662

As of September 30, 2026, the Company sold all 13 of its real estate securities classified as available for sale, held at June 30, 2026, which had an aggregate amortized cost basis of $187.9 million. The Company recognized a loss of $0.9 million on these sales. As of December 31, 2025, the Company held 10 CMBS bonds with an amortized cost basis of $151.9 million and a net unrealized loss of $0.3 million, seven of which were held in a gross unrealized loss position of $0.4 million, and zero positions had an unrealized loss for a period greater than twelve months. As of December 31, 2025, the fair value of the Company's CMBS bonds that were in an unrealized loss position for less than twelve months was $105.9 million