| Schedule of Investments in Real Estate-Related Debt Securities |
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 | | | | | |
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