FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and 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 December 31, 2024
Assets:
Mortgage secured loans receivable	$	—	$	—	$	660,392	$	660,392
Mezzanine loan receivable	—		—		80,612		80,612
Financing receivable	—		—		96,004		96,004
Total	$	—	$	—	$	837,008	$	837,008
	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 Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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		Investment in Financing Receivable
Balance as of December 31, 2023	$	156,769	$	21,799	$	—
Originations	497,916		57,287		95,723
Accrued interest, net	1,965		635		281
Unrealized gains on other real estate related investments, net	8,154		891		—
Payments	(4,412)		—		—
Balance as of December 31, 2024	$	660,392	$	80,612	$	96,004

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 December 31, 2024:

Type	Book Value as of December 31, 2024		Valuation Technique	Unobservable Inputs	Range
Mortgage secured loans receivable	$	660,392	Discounted cash flow	Discount Rate	8% - 14%
Mezzanine loan receivable	80,612		Discounted cash flow	Discount Rate	12% - 14%

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 December 31, 2024 and 2023 using Level 2 inputs is as follows (dollars in thousands):  

		December 31, 2024						December 31, 2023
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Preferred equity investments	3	$	53,782	$	54,199	$	54,199	$	1,782	$	1,801	$	1,801
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	396,927	$	381,812	$	400,000	$	396,039	$	362,500