v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company’s financial assets and liabilities carried at fair value on a recurring basis in the Consolidated Balance Sheets at June 30, 2025 by their level in the fair value hierarchy:
Fair Value Measurements
(in thousands)Level 1Level 2Level 3Total
Financial Assets:
   Loans receivable, at fair value$— $— $146,163 $146,163 
   Real estate securities, at fair value57,42657,426
Total$— $57,426 $146,163 $203,589 
Financial Liabilities:
   Repurchase agreements, at fair value$— $— $135,876 $135,876 
Total$— $— $135,876 $135,876 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table shows a reconciliation of the beginning and ending fair value measurements of the Company’s loans receivable at June 30, 2025:
(in thousands)June 30, 2025
Beginning balance at January 1, 2025$— 
Loan originations and fundings146,163
Unrealized gain (loss) on loans receivable
Balance at June 30, 2025$146,163 
Fair Value Measurement Inputs and Valuation Techniques
The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s loans receivable at June 30, 2025:
(in thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateRange
Loans receivable, at fair value - Senior121,348Discounted Cash FlowDiscount Rate4.44%
2.67% - 6.64%
Loans receivable, at fair value - Senior20,000Recent Transactionn/an/an/a
Loans receivable, at fair value - Mezzanine4,815Discounted Cash FlowDiscount Rate10.48%
10.20% - 15.48%
Loans receivable, at fair value - Mezzanine0Recent Transactionn/an/an/a
$146,163 
The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s repurchase agreements at June 30, 2025:
(in thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateRange
Repurchase agreements, at fair value$83,920 Discounted Cash FlowDiscount Rate2.16%
0.75% - 3.50%
Repurchase agreements, at fair value51,956Recent Transactionn/an/an/a
135,876
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table shows a reconciliation of the beginning and ending fair value measurements of the Company’s repurchase agreements at June 30, 2025:
(in thousands)June 30, 2025
Beginning balance at January 1, 2025$— 
Borrowings under repurchase agreements153,085
Repayment under repurchase agreements(17,209)
Balance at June 30, 2025$135,876