Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Values of Loan Investments

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Mortgage	$	—	$	—	$	499,983	$	499,983
Mezzanine	—		—		9,181		9,181
Real Estate Securities	—		13,881		—		13,881
Total	$	—	$	13,881	$	509,164	$	523,045

Changes in Fair Value of Level 3 Assets by Investment Type

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands):

	Senior Mortgage		Mezzanine		Total
Balance as of June 30, 2024	$	88,638	$	—	$	88,638
Loan originations	411,171		9,183		420,354
Loan origination fees	(4,633)		(150)		(4,783)
Net accretion of discount	277		6		283
Net change in unrealized appreciation (depreciation) on investments	4,530		142		4,672
Balance as of September 30, 2024	$	499,983	$	9,181	$	509,164

	Senior Mortgage		Mezzanine		Total
Balance as of March 11, 2024	$	—	$	—	$	—
Loan originations	499,809		9,183		508,992
Loan origination fees	(5,445)		(150)		(5,595)
Net accretion of discount	280		6		286
Net change in unrealized appreciation (depreciation) on investments	5,339		142		5,481
Balance as of September 30, 2024	$	499,983	$	9,181	$	509,164

Unobservable Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average
Senior Mortgage	$	228,441	Recent Transaction	n/a	n/a	n/a	n/a
Senior Mortgage	271,542		DCF Method	Discount Rate	2.65%	8.30%	3.62%
Mezzanine	9,181		DCF Method	Discount Rate	6.75%	12.75%	9.87%
Total	$	509,164