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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 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 December 31, 2025 and 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 December 31, 2025
Assets:
Mortgage secured loans receivable$— $— $736,474 $736,474 
Mezzanine loan receivable— — 56,476 56,476 
Financing receivable— — 92,193 92,193 
Total assets$— $— $885,143 $885,143 
Liabilities:
Cash flow hedges$— $3,220 $— $3,220 
Total liabilities$— $3,220 $— $3,220 
Level 1Level 2Level 3
Balance as of December 31, 2024
Assets:
Mortgage secured loans receivable$— $— $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 
Originations99,815 9,690 — 
Accrued interest, net447 (285)632 
Unrealized gain, net14,721 1,459 — 
Payments(38,901)(35,000)(4,443)
Balance as of December 31, 2025
$736,474 $56,476 $92,193 
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, 2025:
Type
Book Value as of December 31, 2025
Valuation TechniqueUnobservable Inputs
Range
Mortgage secured loans receivable$736,474 Discounted cash flowDiscount Rate
7% - 13%
Mezzanine loan receivable56,476 Discounted cash flowDiscount Rate
10% - 13%
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 9, Debt, below) as of December 31, 2025 and 2024 is as follows (dollars in thousands):
 December 31, 2025December 31, 2024
LevelFace
Value		Carrying
Amount		Fair
Value		Face
Value		Carrying
Amount		Fair
Value
Financial assets:
Preferred equity investments3$83,782 $84,585 $84,585 $53,782 $54,199 $54,199 
Financial liabilities:
Senior unsecured notes payable2$400,000 $397,816 $394,216 $400,000 $396,927 $381,812