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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Items Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Balance as of September 30, 2025
Assets: |  |  |  |  |  |  |
Mortgage secured loans receivable | $ | — |  |  | $ | — |  |  | $ | 677,562 |  |  | $ | 677,562 |
Mezzanine loans receivable | — |  |  | — |  |  | 87,889 |  |  | 87,889 |
Financing receivable | — |  |  | — |  |  | 98,054 |  |  | 98,054 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 863,505 |  |  | $ | 863,505 |
Liabilities: |  |  |  |  |  |  |
Cash flow hedges | $ | — |  |  | $ | 3,186 |  |  | $ | — |  |  | $ | 3,186 |
Total liabilities | $ | — |  |  | $ | 3,186 |  |  | $ | — |  |  | $ | 3,186 |
| Level 1 |  | Level 2 |  | Level 3 |  | Balance as of December 31, 2024
Assets: |  |  |  |  |  |  |
Mortgage secured loans receivable | $ | — |  |  | $ | — |  |  | $ | 660,392 |  |  | $ | 660,392 |
Mezzanine loans receivable | — |  |  | — |  |  | 80,612 |  |  | 80,612 |
Financing receivable | — |  |  | — |  |  | 96,004 |  |  | 96,004 |
Total | $ | — |  |  | $ | — |  |  | $ | 837,008 |  |  | $ | 837,008 |
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs | The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):
| Investments in Real Estate Secured Loans |  | Investments in Mezzanine Loans |  | Investment in Financing Receivable
Balance as of December 31, 2024 | $ | 660,392 |  |  | $ | 80,612 |  |  | $ | 96,004 |
Originations | 20,065 |  |  | 6,389 |  |  | — |
Accrued interest, net | (40) |  |  | 74 |  |  | 2,050 |
Unrealized gain, net | 6,447 |  |  | 814 |  |  | — |
Payments | (9,302) |  |  | — |  |  | — |
Balance as of September 30, 2025 | $ | 677,562 |  |  | $ | 87,889 |  |  | $ | 98,054 |
Schedule of Quantitative Information About Unobservable Inputs Related to Level 3 Fair Value Measurements | The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of September 30, 2025:
Type | Book Value as of September 30, 2025 |  | Valuation Technique |  | Unobservable Inputs |  | Range
Mortgage secured loans receivable | $ | 677,562 |  |  | Discounted cash flow |  | Discount Rate |  | 8% - 13%
Mezzanine loans receivable | 87,889 |  |  | Discounted cash flow |  | Discount Rate |  | 12% - 14%
Schedule of Derivative Financial Instruments | The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of September 30, 2025:
Derivative |  |  |  | Notional Amount (in thousands) |  | Maturity or Settlement Date |  | Index |  | Strike Rate |  | Fair Value as of September 30, 2025 (in thousands)
Cash flow hedge |  |  |  | £ | 7,826 |  |  | December 2025 |  | GBP-USD exchange rate |  | $ | 1.34 |  |  | $ | (62) |
Cash flow hedge |  |  |  | £ | 7,656 |  |  | March 2026 |  | GBP-USD exchange rate |  | $ | 1.34 |  |  | (53) |
Cash flow hedge |  |  |  | £ | 7,741 |  |  | June 2026 |  | GBP-USD exchange rate |  | $ | 1.34 |  |  | (49) |
Interest rate swap |  |  |  | $ | 250,000 |  |  | June 2028 |  | USD-SOFR |  | 3.5 | % |  | 1,511 |
Interest rate swap |  |  |  | $ | 250,000 |  |  | June 2028 |  | USD-SOFR |  | 3.5 | % |  | 1,511 |
Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2025 (dollars in thousands):
|  |  |  | Gain (loss) recognized in Other Comprehensive Income (Loss) |  | Gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) into Income |  | Income Statement Location
|  |  |  | For the three months ended September 30, 2025 |  | For the nine months ended September 30, 2025 |  | For the three months ended September 30, 2025 |  | For the nine months ended September 30, 2025 |  |
Cash flow hedge |  |  |  | $ | (946) |  |  | $ | 200 |  |  | $ | (37) |  |  | $ | (37) |  |  | Gain/loss on foreign currency transaction
Interest rate swap |  |  |  | 1,987 |  |  | 1,987 |  |  | 1,035 |  |  | 1,035 |  |  | Interest expense
|  |  |  | $ | 1,041 |  |  | $ | 2,187 |  |  | $ | 998 |  |  | $ | 998 |  |  |
Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments | A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 8, Debt, below) as of September 30, 2025 and December 31, 2024 is as follows (dollars in thousands):
|  |  | September 30, 2025 |  | December 31, 2024
| Level |  | Face Value |  | Carrying Amount |  | Fair Value |  | Face Value |  | Carrying Amount |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred equity investments | 3 |  | $ | 83,782 |  |  | $ | 84,494 |  |  | $ | 84,494 |  |  | $ | 53,782 |  |  | $ | 54,199 |  |  | $ | 54,199 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes payable | 2 |  | $ | 400,000 |  |  | $ | 397,594 |  |  | $ | 389,700 |  |  | $ | 400,000 |  |  | $ | 396,927 |  |  | $ | 381,812 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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