INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Debt Related Investments

The following table summarizes our debt-related investments as of December 31, 2025 and 2024:

					Weighted-Average		Weighted-Average
($ in thousands)	Fair Value		Outstanding Principal		Interest Rate		Remaining Life (Years)
As of December 31, 2025
Senior loans, carried at fair value	$	459,275	$	459,275	7.79	%	1.65
Mezzanine loans, carried at fair value	132,000		132,000		8.69		1.88
Total debt-related investments	$	591,275	$	591,275	7.99	%	1.70
As of December 31, 2024
Senior loans, carried at fair value	$	388,662	$	388,662	8.26	%	2.00
Total debt-related investments	$	388,662	$	388,662	8.26	%	2.00

Summary of Available for Sale Debt Securities

The following table summarizes our investments in available-for-sale debt securities as of December 31, 2025 and 2024:

($ in thousands)	Face Amount (1)		Amortized Cost		Unamortized Discount		Unrealized Gain, Net (2)		Fair Value
As of December 31, 2025	$	102,574	$	102,082	$	492	$	504	$	102,586
As of December 31, 2024	$	139,488	$	137,757	$	1,731	$	1,655	$	139,412

_________________________________________________________________

(1)Face amount is presented net of repayments.

(2)Represents cumulative unrealized gain (loss) beginning from acquisition date.