Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities carried at Fair Value on Recurring Basis

The following table presents the Company’s financial assets and liabilities carried at fair value on a recurring basis in the Condensed Consolidated Balance Sheets by their level in the fair value hierarchy ($ in thousands):


		June 30, 2025
		Level I				Level II				Level III
Financial Assets:
Real estate loan investments, at fair value		$	—			$	—			$	127,453
Financial Liabilities:
Debt obligations, at fair value		$	—			$	—			$	122,320

Schedule of Quantitative Inputs and Assumptions used for items Categorized in Level 3

The following table contains the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of June 30, 2025 ($ in thousands):

          
         June 30, 2025

          
         Fair Value

         Valuation
Technique

         Unobservable
Inputs

         Impact to
valuation
from increase
in input

         Range of Inputs

         Weighted
Average
of Inputs

         Financial Assets:

Real estate loan investments

$

66,483

Discounted cash flow

Discount Rate

Decrease

7.0% - 8.9%

7.1%

Real estate loan investments

60,970

Recent transaction price

Transaction price

N/A

N/A

N/A

Total Real estate loan investments, at fair value

$

127,453

         Financial Liabilities:

Debt obligations

$

122,320

Discounted cash flow

Discount Rate

Decrease

5.8% - 6.3%

6.0%

Total Debt obligations, at fair value

$

122,320