Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):

	Quoted Market Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
December 31, 2025
Assets
Derivative assets:
Interest rate derivatives - caps	$	—	$	56	$	—	$	56	(2)
Total	$	—	$	56	$	—	$	56

	Quoted Market Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
December 31, 2024
Assets
CMBS	$	—	$	41,535	$	—	$	41,535	(1)
Derivative assets:
Interest rate derivatives - caps	—		356		—		356		(2)
Total	$	—	$	41,891	$	—	$	41,891

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(1)Reported as “investment in securities” in our consolidated balance sheet.

(2)Reported as “derivative assets” in our consolidated balance sheets.

Schedule of Effect of Fair Value Measured Assets and Liabilities

The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands):

	Gain (Loss) Recognized in Income
	Year Ended December 31,
	2025			2024			2023
Assets
Derivative assets:
Interest rate derivatives - caps	$	(355)		$	573		$	(935)
Total derivative assets	$	(355)		$	573		$	(935)
Non-derivative assets:
Investment in securities	$	(1,572)		$	—		$	—
Total	$	(1,927)		$	573		$	(935)
Liabilities
Derivative liabilities:
Warrants	$	—		$	12		$	272
Net	$	(1,927)		$	585		$	(663)
Total combined
Interest rate derivatives - caps	$	(971)		$	(4,083)		$	(8,685)
Warrants	—			12			272
Unrealized gain (loss) on derivatives	$	(971)	(1)	$	(4,071)	(1)	$	(8,413)	(1)
Realized gain (loss) on interest rate caps	616		(1) (2)	4,656		(1) (2)	7,750		(1) (2)
Realized gain (loss) on investment in securities	(1,572)		(3)	—			—
Net	$	(1,927)		$	585		$	(663)

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(1)Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations.

(2)Represents settled and unsettled payments from counterparties on interest rate caps.

(3)Reported in “other income (expense)” in our consolidated statements of operations.