Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 by their level in the fair value hierarchy:


	Fair Value Measurements
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Loans receivable, at fair value	$	—	$	—	$	619,721	$	619,721
Real estate securities, at fair value	—		102,051		—		102,051
Total	$	—	$	102,051	$	619,721	$	721,772

Financial Liabilities:
Repurchase agreements, at fair value	$	—	$	—	$	512,402	$	512,402
Total	$	—	$	—	$	512,402	$	512,402

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 December 31, 2025 by their level in the fair value hierarchy:


	Fair Value Measurements
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Loans receivable, at fair value	$	—	$	—	$	372,276	$	372,276
Real estate securities, at fair value	—		103,668		—		103,668
Total	$	—	$	103,668	$	372,276	$	475,944

Financial Liabilities:
Repurchase agreements, at fair value	$	—	$	—	$	292,032	$	292,032
Total	$	—	$	—	$	292,032	$	292,032

Schedule of Valuation of Loans Receivable

The following table shows a reconciliation of the beginning and ending fair value measurements of the Company’s loans receivable at March 31, 2026:


(in thousands)	March 31, 2026
Beginning balance at January 1, 2026	$	372,276
Loan originations and fundings	248,677
Principal paydowns	(1,232)
Unrealized gain (loss) on loans receivable	—
Balance at March 31, 2026	$	619,721

Schedule of 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 March 31, 2026:

(in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Range

Loans receivable, at fair value - Senior

581,707

Discounted Cash Flow

Discount Rate (interest spread)

3.35%

2.00% - 6.45%

Loans receivable, at fair value - Senior

32,105

Recent Transaction (1)

N/A

Loans receivable, at fair value - Mezzanine

5,909

Discounted Cash Flow

Discount Rate (interest spread)

9.15%

4.52% - 15.43%

Loans receivable, at fair value - Mezzanine

—

Recent Transaction (1)

N/A

619,721

(1) Any loans receivable originated during the calendar month are valued utilizing the transaction price as a market approach under ASC 820.

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s loans receivable at December 31, 2025:

(in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Range

Loans receivable, at fair value - Senior

266,241

Discounted Cash Flow

Discount Rate (interest spread)

3.39%

2.30% - 6.49%

Loans receivable, at fair value - Senior

101,755

Recent Transaction (1)

N/A

Loans receivable, at fair value - Mezzanine

1,640

Discounted Cash Flow

Discount Rate (interest spread)

11.68%

7.02% - 15.43%

Loans receivable, at fair value - Mezzanine

2,640

Recent Transaction (1)

N/A

372,276

(1) Any loans receivable originated during the calendar month are valued utilizing the transaction price as a market approach under ASC 820.

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s repurchase agreements at March 31, 2026:

(in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Range

Repurchase agreements, at fair value

482,334

Discounted Cash Flow

Discount Rate (interest spread)

1.58%

0.60% - 3.70%

Repurchase agreements, at fair value

30,068

Recent Transaction (1)

N/A

512,402

(1) Any borrowings under repurchase agreements executed during the calendar month are valued utilizing the transaction price as a market approach under ASC 820.

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s repurchase agreements at December 31, 2025

(in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Range

Repurchase agreements, at fair value

230,975

Discounted Cash Flow

Discount Rate (interest spread)

1.52%

0.65% - 3.60%

Repurchase agreements, at fair value

61,057

Recent Transaction (1)

N/A

292,032

(1) Any borrowings under repurchase agreements executed during the calendar month are valued utilizing the transaction price as a market approach under ASC 820.

Schedule of Valuation of Repurchase Agreements, at Fair Value

The following table shows a reconciliation of the beginning and ending fair value measurements of the Company’s repurchase agreements at March 31, 2026:


(in thousands)	March 31, 2026
Beginning balance at January 1, 2026	$	292,032
Borrowings under repurchase agreements	415,571
Repayment under repurchase agreements	(195,201)
Balance at March 31, 2026	$	512,402

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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