FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024, 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 March 31, 2025
Assets:
Mortgage secured loans receivable	$	—	$	—	$	658,427	$	658,427
Mezzanine loans receivable	—		—		87,173		87,173
Financing receivable	—		—		96,628		96,628
Total	$	—	$	—	$	842,228	$	842,228

	Level 1		Level 2		Level 3		Balance as of December 31, 2024
Assets:
Mortgage secured loans receivable	$	—	$	—	$	660,392	$	660,392
Mezzanine loans receivable	—		—		80,612		80,612
Financing receivable	—		—		96,004		96,004
Total	$	—	$	—	$	837,008	$	837,008

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		Investment in Financing Receivable
Balance at December 31, 2024	$	660,392	$	80,612	$	96,004
Originations	—		6,389		—
Accrued interest, net	1,173		107		624
Unrealized gain, net	1,222		65		—
Payments	(4,360)		—		—
Balance as of March 31, 2025	$	658,427	$	87,173	$	96,628

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 March 31, 2025:

Type	Book Value as of March 31, 2025		Valuation Technique	Unobservable Inputs	Range
Mortgage secured loans receivable	$	658,427	Discounted cash flow	Discount Rate	8% - 14%
Mezzanine loans receivable	87,173		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 March 31, 2025 and December 31, 2024 is as follows (dollars in thousands):  

		March 31, 2025						December 31, 2024
	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	$	53,782	$	54,199	$	54,199
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	397,149	$	374,880	$	400,000	$	396,927	$	381,812