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INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Debt Related Investments
The following table summarizes our debt-related investments, as of December 31, 2025 and 2024:
($ in thousands)Carrying Amount (1)Outstanding Principal (1)Weighted-Average
Interest Rate		Weighted-Average
Remaining Life (Years)
As of December 31, 2025
Senior loans, carried at cost (2)$44,420 $44,420 N/AN/A
Senior loans, carried at fair value129,281 129,281 7.8 %1.5
Mezzanine loans, carried at fair value8,576 8,752 5.2 4.6
Total debt-related investments$182,277 $182,453 7.7 %1.7
As of December 31, 2024
Senior loans, carried at cost (2)$187,857 $188,759 8.6 %0.8
Senior loans, carried at fair value28,844 28,844 7.8 2.3
Total debt-related investments$216,701 $217,603 8.5 %1.0
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(1)The difference between the carrying amount and the outstanding principal amount of our debt-related investments carried at cost consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. For our debt-related investments carried at fair value, the difference between the carrying amount and the outstanding principal amount is cumulative unrealized gains or losses.
(2)As of December 31, 2025 and 2024, we had one senior loan that was in default and on non-accrual status with a carrying value of $44.4 million and $46.6 million, respectively. During the year ended December 31, 2025, we received $2.1 million in cash, which was applied to the principal balance. During the year ended December 31, 2025, we did not recognize any debt-related income. During the year ended December 31, 2024, we recognized $4.6 million in debt-related income, of which $1.8 million was received in cash and $2.8 million was capitalized to the principal balance. Weighted-average interest rate and weighted-average remaining life exclude this senior loan from its calculations as of December 31, 2025 and 2024.
Summary of Expected Credit Losses
The following table summarizes activity related to our CECL Reserve on funded commitments for the years ended December 31, 2025 and 2024:
For the Year Ended December 31,
(in thousands)20252024
Balance at beginning of the year$341 $1,327 
Provision for current expected credit losses(341)(986)
Write-offs— — 
Recoveries— — 
Ending balance (1)$— $341 
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(1)The CECL Reserve related to funded commitments is included in investments in real estate debt and securities on the consolidated balance sheets.
The following table summarizes activity related to our CECL Reserve on unfunded commitments for the years ended December 31, 2025 and 2024:
For the Year Ended December 31,
(in thousands)20252024
Balance at beginning of the year$123 $670 
Provision for current expected credit losses(123)(547)
Write-offs— — 
Recoveries— — 
Ending balance (1)$— $123 
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(1)The CECL Reserve related to unfunded commitments is included in other liabilities on the consolidated balance sheets.
Summary of Available-for-Sale Debt Securities
The following table summarizes our investments in available-for-sale debt securities as of December 31, 2025 and 2024:
(in thousands)Face AmountAmortized CostUnamortized DiscountUnamortized Fees (1)Unrealized Gain, Net (2)Fair Value
As of December 31, 2025
CMBS$2,784 $2,779 $5 $— $3 $2,782 
Preferred equity118,173 118,173 — — — 118,173 
Total debt securities$120,957 $120,952 $5 $— $3 $120,955 
As of December 31, 2024
CRE CLOs & CMBS$13,325 $13,258 $67 $— $112 $13,370 
Preferred equity123,767 123,187 — 580 — 123,187 
Total debt securities$137,092 $136,445 $67 $580 $112 $136,557 
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(1)Includes unamortized loan origination fees received on debt securities.
(2)Represents cumulative unrealized gain beginning from acquisition date.