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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lending Commitments
The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At March 31, 2026, assuming the terms to qualify for future fundings, if any, had been met, total unfunded lending commitments for loans held for investment were $108.0 million for senior loans, $1.9 million for mezzanine loans and $7.4 million for preferred equity. At December 31, 2025, total unfunded lending commitments for loans held for investment were $101.9 million for senior loans, $2.1 million for mezzanine loans and $8.2 million for preferred equity.
Ground Lease Obligation
In connection with real estate acquisitions, the Company assumed certain non-cancellable operating ground leases as lessee or sublessee with expiration dates through 2050. Rent on certain ground leases are paid directly by tenants.
At March 31, 2026 and December 31, 2025, the weighted average remaining lease term was 11.8 years and 11.8 years for ground leases, respectively.
The following table presents ground lease expense, included in property operating expense, for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three Months Ended March 31,
20262025
Operating lease expense:
Minimum lease expense$790 $794 
Variable lease expense— — 
$790 $794 
The operating lease liability for ground leases was determined using a weighted average discount rate of 5.4%. The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of March 31, 2026 (dollars in thousands):
Remainder of 2026$2,390 
20272,868 
20282,839 
20291,896 
2030 1,833 
2031 and thereafter10,430 
Total lease payments22,256 
Less: Present value discount6,344 
Operating lease liability (Note 6)$15,912 
For these ground leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component.
Office Lease
At March 31, 2026 and December 31, 2025, the weighted average remaining lease term was 3.1 years and 3.4 years for office leases, respectively. The office leases are located in New York, New York and Los Angeles, California.
For the three months ended March 31, 2026 and 2025, the following table summarizes lease expense, included in operating expense (dollars in thousands):
Three Months Ended March 31,
20262025
Corporate Offices
Operating lease expense:
   Fixed lease expense$328 $324 
   Variable lease expense— — 
$328 $324 
Total cash paid for office leases was $0.1 million for the three months ended March 31, 2026.
The operating lease liability for the office leases was determined using a weighted average discount rate of 2.4%. As of March 31, 2026, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands):
Corporate Offices
Remainder of 2026$995 
20271,339 
20281,155 
2029573 
2030— 
2031 and thereafter— 
  Total lease payments4,062 
Less: Present value discount151 
  Operating lease liability (Note 6)$3,911 

For these office leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component.
Litigation and Claims
The Company may be involved in litigation and claims in the ordinary course of the business. As of March 31, 2026, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position, or liquidity.