Investments in Real Estate-Related Securities

9 Months Ended

Sep. 30, 2026

The following tables detail our investments in real estate-related securities as of September 30, 2026 and December 31, 2025:


	September 30, 2026
in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost / Cost(1)		Unrealized Gain (Loss), Net		Fair Value		Period-end Weighted-Average Yield		Weighted-Average Maturity Date
Non-agency CMBS	$	41,122	$	(840)	$	40,282	$	(219)	$	40,063	6.32	%	12/12/2028
Preferred stock of REITs	N/A		N/A		1,975		(182)		1,793		7.08	%	N/A

Total	$	41,122	$	(840)	$	42,257	$	(401)	$	41,856


	December 31, 2025
in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost / Cost(1)		Unrealized Gain (Loss), Net		Fair Value		Period-end Weighted-Average Yield		Weighted-Average Maturity Date
Non-agency CMBS	$	31,974	$	(1,065)	$	30,909	$	342	$	31,251	4.95	%	11/9/2027

Preferred stock of REITs	N/A		N/A		1,975		33		2,008		6.32	%	N/A

Total	$	31,974	$	(1,065)	$	32,884	$	375	$	33,259

(1)For non-agency CMBS, the amount presented represents amortized cost. For preferred stock of REITs, the amount presented represents cost.