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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
As described in Note 1 included in these consolidated financial statements, the Company operates as a single reportable segment, which derives its revenues by directly originating and managing a diversified portfolio of CRE debt-related investments. The Company manages its business activities on a consolidated basis and the accounting policies of the segment are the same as those described in Note 2 included in these consolidated financial statements. The Company’s Chief Operating Decision Maker (“CODM”) is the chief executive officer.

The CODM assesses performance for the segment and decides how to allocate resources based on net income (loss) attributable to common stockholders. The measure of segment assets is reported in the consolidated balance sheets as total assets.

The following table summarizes the information about segment net income (loss) and significant segment expenses for the three and six months ended June 30, 2026 and 2025 ($ in thousands):

For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
Net interest margin$8,572 $7,016 $16,117 $16,307 
Revenue from real estate owned5,784 5,549 11,699 11,206 
Total revenue14,356 12,565 27,816 27,513 
Expenses from real estate owned(3,301)(4,628)(6,435)(9,123)
(Provision for) reversal of current expected credit losses, net(865)20,150 (12,003)25,490 
Realized losses on loans— (33,000)(3,340)(33,000)
Other segment items (1)(5,807)(6,122)(11,261)(12,570)
Segment net income (loss)4,383 (11,035)(5,223)(1,690)
Adjustments and reconciling items— — — — 
Net income (loss) attributable to common stockholders$4,383 $(11,035)$(5,223)$(1,690)
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(1)Other segment items included in Segment net income (loss) include, as applicable, management and incentive fees to affiliate, professional fees, general and administrative expenses, general and administrative expenses reimbursed to affiliate and income tax expense (benefit), including excise tax.