COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

As of September 30, 2025 and December 31, 2024, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, which was accounted as a finance lease, are included in the consolidated balance sheet as follows:

	September 30, 2025			December 31, 2024
Right-of-use asset (included in real estate held for investment, net, in thousands)	$	4,955		$	6,014
Lease obligation (included in other liabilities, in thousands)	9,682			9,632
Remaining lease term	88.3 years			89 years
Discount rate	4.8		%	4.8		%

Schedule of Finance Lease, Liability, Fiscal Year Maturity

As of September 30, 2025, the Company had a leasehold interest expiring in 2114. Future minimum lease payments under the Company’s finance lease as of September 30, 2025 are as follows (in thousands):

October 1, 2025 through December 31, 2025	$	99
2026	396
2027	396
2028	396
2029	396
Thereafter	50,979
Total expected minimum lease obligations	52,662
Less: Amount representing interest (1)	(42,980)
Present value of net minimum lease payments (2)	$	9,682

_____________________

(1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition.

(2) The present value of net minimum lease payments is included in other liabilities in the accompanying consolidated balance sheets.