FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):

	Level 1		Level 2		Level 3		Balance as of June 30, 2024
Assets:
Mortgage secured loans receivable	$	—	$	—	$	348,552	$	348,552
Mezzanine loans receivable	—		—		74,099		74,099
Total	$	—	$	—	$	422,651	$	422,651

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Mortgage secured loans receivable	$	—	$	—	$	156,769	$	156,769
Mezzanine loans receivable	—		—		21,799		21,799
Total	$	—	$	—	$	178,568	$	178,568

Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):

	Investments in Real Estate Secured Loans		Investments in Mezzanine Loans
Balance at December 31, 2023	$	156,769	$	21,799
Loan originations	192,675		52,165
Accrued interest, net	1,147		585
Unrealized loss on other real estate related investments, net	(2,039)		(450)
Balance as of June 30, 2024	$	348,552	$	74,099

Schedule of Quantitative Information About Unobservable Inputs Related To Level 3 Fair Value Measurements

The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of June 30, 2024:

Type	Book Value as of June 30, 2024		Valuation Technique	Unobservable Inputs	Range
Mortgage secured loans receivable	$	348,552	Discounted cash flow	Discount Rate	9% - 16%
Mezzanine loans receivable	74,099		Discounted cash flow	Discount Rate	12% - 16%

Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments

A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 7, Debt, below) as of June 30, 2024 and December 31, 2023 is as follows (dollars in thousands):  

		June 30, 2024						December 31, 2023
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Preferred equity investments	3	$	10,782	$	10,881	$	10,881	$	1,782	$	1,801	$	1,801
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	396,483	$	367,840	$	400,000	$	396,039	$	362,500