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REAL ESTATE OWNED (Tables) | 3 Months Ended
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Mar. 31, 2025
Real Estate Owned [Abstract] |
Schedule of Real Estate Properties | The following table summarizes the Company’s real estate owned held for investment as of March 31, 2025 and December 31, 2024 ($ in thousands):
|  | As of
|  | March 31, 2025 |  | December 31, 2024
Land |  | $ | 35,019 |  |  | $ | 35,019 |
Buildings and improvements |  | 81,433 |  |  | 81,434 |
In-place lease intangibles |  | 34,841 |  |  | 34,826 |
Above-market lease intangibles |  | 4,634 |  |  | 4,634 |
Below-market lease intangibles |  | (11,105) |  |  | (11,105) |
Total real estate owned held for investment |  | 144,822 |  |  | 144,808 |
Less: Accumulated depreciation and amortization |  | (7,958) |  |  | (5,776) |
Real estate owned held for investment, net |  | $ | 136,864 |  |  | $ | 139,032 |
Schedule of Intangible Lease Assets and Liabilities | The following table summarizes the Company’s intangible lease assets and liabilities that are included within real estate owned held for investment as of March 31, 2025 and December 31, 2024 ($ in thousands):
|  | As of March 31, 2025 |  | As of December 31, 2024
|  | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net
Assets: |  |  |  |  |  |  |  |  |  |  |  |
In-place lease intangibles |  | $ | 34,841 |  |  | $ | (5,748) |  |  | $ | 29,093 |  |  | $ | 34,826 |  |  | $ | (4,222) |  |  | $ | 30,604 |
Above-market lease intangibles |  | 4,634 |  |  | (693) |  |  | 3,941 |  |  | 4,634 |  |  | (421) |  |  | 4,213 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Below-market lease intangibles |  | (11,105) |  |  | 1,615 |  |  | (9,490) |  |  | (11,105) |  |  | 1,356 |  |  | (9,749) |
Schedule of Amortization of Intangible Lease Assets and Liabilities | The following table summarizes the amortization of intangible lease assets and liabilities related to real estate owned held for investment for the three months ended March 31, 2025 and 2024 ($ in thousands):
|  | Consolidated Statement of Operations Location |  | For the Three Months Ended March 31, |  |  |
|  |  | 2025 |  | 2024 |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
In-place lease intangibles |  | Expenses from real estate owned |  | $ | 1,527 |  |  | $ | 588 |  |  |  |  |  |
Above-market lease intangibles |  | Revenue from real estate owned |  | (271) |  |  | (28) |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Below-market lease intangibles |  | Revenue from real estate owned |  | 262 |  |  | 257 |  |  |  |  |  |
Schedule of Estimated Net Amortization Intangible Lease Assets and Liabilities | The following table summarizes the estimated net amortization schedule for the Company’s intangible lease assets and liabilities that are included within real estate owned held for investment as of March 31, 2025 ($ in thousands):
|  | In-Place |  | Above-Market |  | Below-Market
|  | Lease Intangibles |  | Lease Intangibles |  | Lease Intangibles
Remainder of 2025 |  | $ | 4,142 |  |  | $ | 794 |  |  | $ | (782) |
2026 |  | 4,741 |  | 975 |  | (618) |
2027 |  | 3,781 |  | 705 |  | (571) |
2028 |  | 3,053 |  | 490 |  | (542) |
2029 |  | 2,647 |  | 384 |  | (539) |
Thereafter |  | 10,729 |  | 593 |  | (6,438) |
Total |  | $ | 29,093 |  |  | $ | 3,941 |  |  | $ | (9,490) |
Schedule of the Future Minimum Contractual Lease to be Received, Maturity | The following table summarizes the future minimum contractual lease payments to be collected by the Company under non-cancelable operating leases related to real estate owned held for investment, excluding tenant reimbursements of expenses and variable lease payments, as of March 31, 2025 ($ in thousands):
Remainder of 2025 |  | $ | 14,569 |
2026 |  | 19,329
2027 |  | 17,672
2028 |  | 16,177
2029 |  | 15,188
Thereafter |  | 31,944
Total |  | $ | 114,879 |

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