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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 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 and liabilities measured at fair value on a recurring basis as of September 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 September 30, 2025
Assets:
Mortgage secured loans receivable$— $— $677,562 $677,562 
Mezzanine loans receivable— — 87,889 87,889 
Financing receivable— — 98,054 98,054 
Total assets$— $— $863,505 $863,505 
Liabilities:
Cash flow hedges$— $3,186 $— $3,186 
Total liabilities$— $3,186 $— $3,186 
Level 1Level 2Level 3
Balance as of December 31, 2024
Assets:
Mortgage secured loans receivable$— $— $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 
Originations20,065 6,389 — 
Accrued interest, net(40)74 2,050 
Unrealized gain, net6,447 814 — 
Payments(9,302)— — 
Balance as of September 30, 2025
$677,562 $87,889 $98,054 
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 September 30, 2025:
Type
Book Value as of September 30, 2025
Valuation TechniqueUnobservable InputsRange
Mortgage secured loans receivable$677,562 Discounted cash flowDiscount Rate
8% - 13%
Mezzanine loans receivable87,889 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 September 30, 2025:
Derivative
Notional Amount (in thousands)
Maturity or Settlement DateIndexStrike Rate
Fair Value as of September 30, 2025 (in thousands)
Cash flow hedge£7,826 December 2025GBP-USD exchange rate$1.34 $(62)
Cash flow hedge£7,656 March 2026GBP-USD exchange rate$1.34 (53)
Cash flow hedge£7,741 June 2026GBP-USD exchange rate$1.34 (49)
Interest rate swap$250,000 June 2028USD-SOFR3.5 %1,511 
Interest rate swap$250,000 June 2028USD-SOFR3.5 %1,511 
Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2025 (dollars in thousands):
Gain (loss) recognized in Other Comprehensive Income (Loss)Gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) into IncomeIncome Statement Location
For the three months ended September 30, 2025For the nine months ended September 30, 2025For the three months ended September 30, 2025For the nine months ended September 30, 2025
Cash flow hedge$(946)$200 $(37)$(37)Gain/loss on foreign currency transaction
Interest rate swap1,987 1,987 1,035 1,035 Interest expense
$1,041 $2,187 $998 $998 
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 September 30, 2025 and December 31, 2024 is as follows (dollars in thousands):  
 September 30, 2025December 31, 2024
 LevelFace
Value		Carrying
Amount		Fair
Value		Face
Value		Carrying
Amount		Fair
Value
Financial assets:
Preferred equity investments3$83,782 $84,494 $84,494 $53,782 $54,199 $54,199 
Financial liabilities:
Senior unsecured notes payable2$400,000 $397,594 $389,700 $400,000 $396,927 $381,812