FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Items Measured at Fair Value on a Recurring Basis |
The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Balance as of June 30, 2026 | | Assets: | | | | | | | | | Mortgage secured loans receivable | $ | — | | | $ | — | | | $ | 861,553 | | | $ | 861,553 | | | Mezzanine loans receivable | — | | | — | | | 46,170 | | | 46,170 | | | Financing receivable | — | | | — | | | 92,899 | | | 92,899 | | | | | | | | | | | Cash flow hedges | — | | | 4,194 | | | — | | | 4,194 | | | Total assets | $ | — | | | $ | 4,194 | | | $ | 1,000,622 | | | $ | 1,004,816 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Balance as of December 31, 2025 | | Assets: | | | | | | | | | Mortgage secured loans receivable | $ | — | | | $ | — | | | $ | 736,474 | | | $ | 736,474 | | | Mezzanine loans receivable | — | | | — | | | 56,476 | | | 56,476 | | | Financing receivable | — | | | — | | | 92,193 | | | 92,193 | | Total assets | $ | — | | | $ | — | | | $ | 885,143 | | | $ | 885,143 | | | Liabilities: | | | | | | | | Cash flow hedges | $ | — | | | $ | 3,220 | | | $ | — | | | $ | 3,220 | | | | | | | | | | Total liabilities | $ | — | | | $ | 3,220 | | | $ | — | | | $ | 3,220 | |
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| Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs |
The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands): | | | | | | | | | | | | | | | | | | | Investments in Real Estate Secured Loans | | Investments in Mezzanine Loans | | Investment in Financing Receivable | Balance as of December 31, 2025 | $ | 736,474 | | | $ | 56,476 | | | $ | 92,193 | | | Originations | 124,750 | | | — | | | — | | | Accrued interest, net | 2,144 | | | (147) | | | 706 | | | Unrealized gain (loss), net | 2,770 | | | (359) | | | — | | | Payments | (4,585) | | | (9,800) | | | — | | Balance as of June 30, 2026 | $ | 861,553 | | | $ | 46,170 | | | $ | 92,899 | |
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| Schedule of Quantitative Information About Unobservable Inputs Related to Level 3 Fair Value Measurements |
The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivable as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Type | Book Value as of June 30, 2026 | | Valuation Technique | | Unobservable Inputs | | Range | | Mortgage secured loans receivable | $ | 861,553 | | | Discounted cash flow | | Discount Rate | | 7% - 12% | | Mezzanine loans receivable | 46,170 | | | Discounted cash flow | | Discount Rate | | 11% - 13% |
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| Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments |
A summary of the face value, carrying amount and fair value of the Company’s financing receivables, preferred equity investments and the Notes (as defined in Note 9, Debt, below) as of June 30, 2026 and December 31, 2025 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Level | | Face
Value | | Carrying
Amount | | Fair
Value | | Face
Value | | Carrying
Amount | | Fair
Value | | Financial assets: | | | | | | | | | | | | | | | Financing receivables | 3 | | $ | 461,000 | | | $ | 463,256 | | | $ | 459,815 | | | $ | — | | | $ | — | | | $ | — | | | Preferred equity investments | 3 | | $ | 83,782 | | | $ | 84,582 | | | $ | 84,582 | | | $ | 83,782 | | | $ | 84,585 | | | $ | 84,585 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | | | | Senior unsecured notes payable | 2 | | $ | 400,000 | | | $ | 398,260 | | | $ | 390,328 | | | $ | 400,000 | | | $ | 397,816 | | | $ | 394,216 | | | | | | | | | | | | | | | |
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