FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value financial and non-financial assets not reported at fair value

The fair values of the Company’s financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands):

			Fair Value Measurements
	Carrying Value		Fair Value(1)		Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2024:
Assets:
CRE whole loans	$	1,678,721	$	1,712,987	$	—	$	—	$	1,712,987
Loan receivable - related party		10,850		8,804		—		—		8,804
Liabilities:
Senior notes in CRE securitizations		1,093,953		1,074,687		—		—		1,074,687
Senior secured financing facility		60,539		63,099		—		—		63,099
Warehouse financing facilities		163,517		165,092		—		—		165,092
Mortgages payable		64,002		65,277		—		—		65,277
5.75% Senior Unsecured Notes		148,472		142,785		—		—		142,785
Junior subordinated notes		51,548		39,939		—		—		39,939
At December 31, 2023:
Assets:
CRE whole loans	$	1,828,336	$	1,858,265	$	—	$	—	$	1,858,265
Loan receivable - related party		10,975		8,598		—		—		8,598
Liabilities:
Senior notes in CRE securitizations		1,204,570		1,163,048		—		—		1,163,048
Senior secured financing facility		61,568		64,495		—		—		64,495
Warehouse financing facilities		168,588		170,861		—		—		170,861
Mortgages payable		41,786		43,779		—		—		43,779
5.75% Senior Unsecured Notes		148,140		138,795		—		—		138,795
Junior subordinated notes		51,548		38,406		—		—		38,406

(1)The fair values reflected in the table above represent management's best estimate of the fair value of the financial instruments and have no impact on the Company's performance or cash flows.