v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 as of March 31, 2026 and December 31, 2025 ($ in thousands):

 

 

 

March 31, 2026

 

 

Level I

 

 

Level II

 

 

Level III

 

Financial Assets:

 

 

 

 

 

 

Real estate loan investments, at fair value

 

$

—

 

 

$

—

 

 

$

793,499

 

Financial Liabilities:

 

 

 

 

 

 

Debt obligations, at fair value

 

$

—

 

 

$

—

 

 

$

616,063

 

 

 

 

December 31, 2025

 

 

Level I

 

 

Level II

 

 

Level III

 

Financial Assets:

 

 

 

 

 

 

Real estate loan investments, at fair value

 

$

—

 

 

$

—

 

 

$

561,965

 

Financial Liabilities:

 

 

 

 

 

 

Debt obligations, at fair value

 

$

—

 

 

$

—

 

 

$

443,213

 

 
Summary of Changes in Level III Investments

The following table summarizes changes in Level III real estate loan investments for the three months ended March 31, 2026 ($ in thousands):

 

 

Three Months Ended March 31, 2026

 

 

 

 

Balance as of December 31, 2025

 

$

561,965

 

Funding of real estate loan investments

 

 

231,534

 

Net unrealized gain (loss) on real estate loan investments

 

 

—

 

Balance as of March 31, 2026

 

$

793,499

 
Summary of Changes in Debt Obligations

The following table summarizes changes in Level III debt obligations for the three months ended March 31, 2026 ($ in thousands):

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

Balance as of December 31, 2025

 

$

443,213

 

Proceeds from debt obligations

 

 

253,545

 

Repayments of debt obligations

 

 

(80,695

)

Net unrealized gain (loss) on debt obligations

 

 

—

 

Balance as of March 31, 2026

 

$

616,063

 

 

There were no financial instrument transfers from Level I and II into Level III during the three months ended March 31, 2026.

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

The following tables contain the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2026 and December 31, 2025 ($ in thousands):

 

 

 

March 31, 2026

 

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

 

$

731,499

 

 

Discounted cash flow

 

Discount Rate

 

Decrease

 

6.4%-16.4%

 

7.6%

Real estate loan investments

 

 

62,000

 

 

Recent transaction price

 

Transaction price

 

N/A

 

N/A

 

N/A

Total Real estate loan investments, at fair value

 

$

793,499

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

Debt obligations

 

$

616,063

 

 

Discounted cash flow

 

Discount Rate

 

Decrease

 

5.1%-5.7%

 

5.5%

Total Debt obligations, at fair value

 

$

616,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 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

 

$

405,315

 

 

Discounted cash flow

 

Discount Rate

 

Decrease

 

6.4%-15.9%

 

7.7%

Real estate loan investments

 

 

156,650

 

 

Recent transaction price

 

Transaction price

 

N/A

 

N/A

 

N/A

Total Real estate loan investments, at fair value

 

$

561,965

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

Debt obligations

 

$

443,213

 

 

Discounted cash flow

 

Discount Rate

 

Decrease

 

5.1%-5.7%

 

5.5%

Total Debt obligations, at fair value

 

$

443,213