FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Face Values, Carrying Amounts and Fair Values of Financial Instruments

The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024 whose carrying amounts do not approximate their fair value (in thousands):

	As of June 30, 2025						As of December 31, 2024
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	387,072	$	377,923	$	393,268	$	391,010	$	381,468	$	397,791
Preferred equity investments	62,864		63,047		64,532		60,915		61,116		62,765
Financial liabilities:
Senior Notes	1,750,000		1,736,398		1,649,820		1,750,000		1,736,025		1,617,779
Secured indebtedness	45,072		44,302		33,542		46,110		45,316		33,635

(1)    Face value represents amounts contractually due under the terms of the respective agreements.

(2)    Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.

Schedule of Fair Value of Financial Instruments

The Company determined the fair value of financial instruments as of June 30, 2025 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable	$	393,268	$	—	$	—	$	393,268
Preferred equity investments	64,532		—		—		64,532
Financial liabilities:
Senior Notes	1,649,820		—		1,649,820		—
Secured indebtedness	33,542		—		—		33,542

Schedule of Items Measured at Fair Value on a Recurring Basis

During the six months ended June 30, 2025, the Company recorded the following amounts measured at fair value (in thousands):

			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Financial assets:
Interest rate swaps	$	5,067	$	—	$	5,067	$	—
Financial liabilities:
Forward starting interest rate swaps	1,483		—		1,483		—