FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 whose carrying amounts do not approximate their fair value (in thousands):

	As of September 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	$	381,278	$	372,369	$	386,393	$	391,010	$	381,468	$	397,791
Preferred equity investments	63,975		64,157		65,468		60,915		61,116		62,765
Financial liabilities:
Senior Notes	1,250,000		1,235,129		1,170,588		1,750,000		1,736,025		1,617,779
Secured indebtedness	44,548		43,790		34,163		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 September 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	$	386,393	$	—	$	—	$	386,393
Preferred equity investments	65,468		—		—		65,468
Financial liabilities:
Senior Notes	1,170,588		—		1,170,588		—
Secured indebtedness	34,163		—		—		34,163

Schedule of Items Measured at Fair Value on a Recurring Basis

During the nine months ended September 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	$	3,819	$	—	$	3,819	$	—
Financial liabilities:
Interest rate swaps	2,350		—		2,350		—