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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):
Level 1Level 2Level 3
Balance as of June 30, 2025
Assets:
Mortgage secured loans receivable$— $— $668,761 $668,761 
Mezzanine loans receivable— — 87,683 87,683 
Financing receivable— — 97,330 97,330 
Interest rate derivatives— 546 — 546 
Total assets$— $546 $853,774 $854,320 
Liabilities:
Cash flow hedges$— $1,146 $— $1,146 
Total liabilities$— $1,146 $— $1,146 
Level 1Level 2Level 3
Balance as of December 31, 2024
Assets:
Mortgage secured loans receivable$— $— $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 LoansInvestments in Mezzanine LoansInvestment in Financing Receivable
Balance as of December 31, 2024
$660,392 $80,612 $96,004 
Originations15,100 6,389 — 
Accrued interest, net(75)73 1,326 
Unrealized gain, net2,646 609 — 
Payments(9,302)— — 
Balance as of June 30, 2025
$668,761 $87,683 $97,330 
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, 2025:
Type
Book Value as of June 30, 2025
Valuation TechniqueUnobservable InputsRange
Mortgage secured loans receivable$668,761 Discounted cash flowDiscount Rate
8% - 14%
Mezzanine loans receivable87,683 Discounted cash flowDiscount Rate
12% - 14%
Schedule of Derivative Financial Instruments The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of June 30, 2025 (dollars in thousands):
Derivative
Notional Amount
Maturity or Settlement DateIndexStrike RateFair Value as of June 30, 2025
Interest rate cap£50,000 August 2025GBP-SONIA4.0 %$40 
Interest rate cap£50,000 January 2026GBP-SONIA3.0 %506 
Cash flow hedge£7,826 September 2025GBP-USD exchange rate$1.34 (293)
Cash flow hedge£7,826 December 2025GBP-USD exchange rate$1.34 (290)
Cash flow hedge£7,656 March 2026GBP-USD exchange rate$1.34 (281)
Cash flow hedge£7,741 June 2026GBP-USD exchange rate$1.34 (282)
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 8, Debt, below) as of June 30, 2025 and December 31, 2024 is as follows (dollars in thousands):  
 June 30, 2025December 31, 2024
 LevelFace
Value		Carrying
Amount		Fair
Value		Face
Value		Carrying
Amount		Fair
Value
Financial assets:
Preferred equity investments3$83,782 $84,456 $84,456 $53,782 $54,199 $54,199 
Financial liabilities:
Senior unsecured notes payable2$400,000 $397,371 $381,704 $400,000 $396,927 $381,812