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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
| Quoted Market Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  | Total |
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
CMBS | $ | — |  |  | $ | 17,134 |  |  | $ | — |  |  |  |  | $ | 17,134 |  | (1)
Derivative assets: |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | — |  |  | 313 |  |  | — |  |  |  |  | 313 |  | (2)
Total | $ | — |  |  | $ | 17,447 |  |  | $ | — |  |  |  |  | $ | 17,447 |  |
| Quoted Market Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  | Total |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMBS | $ | — |  |  | $ | 41,535 |  |  | $ | — |  |  |  |  | $ | 41,535 |  | (1) |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | — |  |  | 356 |  |  | — |  |  |  |  | 356 |  | (2) |  |  |  |  |  |  |  |  |
Total | $ | — |  |  | $ | 41,891 |  |  | $ | — |  |  |  |  | $ | 41,891 |  |  |  |  |  |  |  |  |  |  |
__________________ (1)Reported as “investment in securities” in our condensed consolidated balance sheet. (2)Reported as “derivative assets” in our condensed consolidated balance sheets.
Schedule of Effect of Fair Value Measured Assets and Liabilities | The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands):
| Gain (Loss) Recognized in Income |  |  |  |  |  |
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |  |  |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | $ | 15 |  |  | $ | 326 |  |  | $ | (183) |  |  | $ | 1,246 |  |  |  |  |  |  |
Total derivative assets | $ | 15 |  |  | $ | 326 |  |  | $ | (183) |  |  | $ | 1,246 |  |  |  |  |  |  |
Non-derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in securities | $ | (1,250) |  |  | $ | — |  |  | $ | (1,250) |  |  | $ | — |  |  |  |  |  |  |
Total | $ | (1,235) |  |  | $ | 326 |  |  | $ | (1,433) |  |  | $ | 1,246 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  |  |  |  |  |
Net | $ | (1,235) |  |  | $ | 326 |  |  | $ | (1,433) |  |  | $ | 1,258 |  |  |  |  |  |  |
Total combined |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | $ | (165) |  |  | $ | (1,213) |  |  | $ | (551) |  |  | $ | (1,964) |  |  |  |  |  |  |
Warrants | — |  |  | — |  |  | — |  |  | 12 |  |  |  |  |  |  |
Unrealized gain (loss) on derivatives | $ | (165) |  | (1) | $ | (1,213) |  | (1) | $ | (551) |  | (1) | $ | (1,952) |  | (1) |  |  |  |  |
Realized gain (loss) on interest rate caps | 180 |  | (1) (2) | 1,539 |  | (1) (2) | 368 |  | (1) (2) | 3,210 |  | (1) (2) |  |  |  |  |
Realized gain (loss) on investment in securities | (1,250) |  | (3) | — |  |  | (1,250) |  | (3) | — |  |  |  |  |  |  |
Net | $ | (1,235) |  |  | $ | 326 |  |  | $ | (1,433) |  |  | $ | 1,258 |  |  |  |  |  |  |
________ (1)Reported in “realized and unrealized gain (loss) on derivatives” in our condensed consolidated statements of operations. (2)Represents settled and unsettled payments from counterparties on interest rate caps. (3)Reported in “other income (expense)” in our condensed consolidated statements of operations.

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- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 102 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-102 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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