v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025 ($ in thousands):

 

 

 

June 30, 2026

 

 

Level I

 

 

Level II

 

 

Level III

 

Financial Assets:

 

 

 

 

 

 

Real estate loan investments, at fair value

 

$

—

 

 

$

—

 

 

$

900,685

 

Financial Liabilities:

 

 

 

 

 

 

Debt obligations, at fair value

 

$

—

 

 

$

—

 

 

$

663,511

 

 

 

 

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 six months ended June 30, 2026 ($ in thousands):

 

 

Six Months Ended June 30, 2026

 

 

Balance as of December 31, 2025

 

$

561,965

 

Funding of real estate loan investments

 

 

338,902

 

Principal repayments received on real estate loan investments

 

 

(182

)

Net unrealized gain (loss) on real estate loan investments

 

 

—

 

Balance as of June 30, 2026

 

$

900,685

 
Summary of Changes in Debt Obligations

The following table summarizes changes in Level III debt obligations for the six months ended June 30, 2026 ($ in thousands):

 

 

 

Six Months Ended June 30, 2026

 

 

 

Balance as of December 31, 2025

 

$

443,213

 

Proceeds from debt obligations

 

 

371,693

 

Repayments of debt obligations

 

 

(151,395

)

Net unrealized gain (loss) on debt obligations

 

 

-

 

Balance as of June 30, 2026

 

$

663,511

 
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 June 30, 2026 and December 31, 2025 ($ in thousands):

 

 

 

June 30, 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

 

$

808,897

 

 

Discounted cash flow

 

Discount Rate

 

Decrease

 

6.3%-21.5%

 

8.3%

Real estate loan investments

 

 

91,788

 

 

Recent transaction price

 

Transaction price

 

N/A

 

N/A

 

N/A

Total Real estate loan investments, at fair value

 

$

900,685

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

Debt obligations

 

$

663,511

 

 

Discounted cash flow

 

Discount Rate

 

Decrease

 

5.0%-6.7%

 

5.4%

Total Debt obligations, at fair value

 

$

663,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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