v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table details our financial instruments measured at fair value on a recurring basis:
June 30, 2026
Fair Value Measurements Using:
in thousandsLevel 1Level 2Level 3NAV as a Practical ExpedientTotal at Fair Value
Assets:
Investments in real estate-related securities$1,889 $25,015 $— $— $26,904 
Investments in commercial loans— — 197,867 — 197,867 
Investment in affiliated fund— — — 7,249 7,249 
Interest rate swaps— 522 — — 522 
Total assets$1,889 $25,537 $197,867 $7,249 $232,542 
December 31, 2025
Fair Value Measurements Using:
in thousandsLevel 1Level 2Level 3NAV as a Practical ExpedientTotal at Fair Value
Assets:
Investments in real estate-related securities$2,008 $31,251 $— $— $33,259 
Investments in commercial loans— — 95,335 — 95,335 
Investment in affiliated fund— — — 12,545 12,545 
Interest rate swap— 405 — — 405 
Total assets$2,008 $31,656 $95,335 $12,545 $141,544 
Liabilities:
Interest rate swaps$— $524 $— $— $524 
Total liabilities$— $524 $— $— $524 
Schedule of Reconciliation of Fair Value Measurements of Commercial Real Estate Loan Investments The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments:
in thousandsInvestments in Commercial Loans
Balance as of December 31, 2025$95,335 
Loan originations and fundings114,598 
Unrealized gain (loss)179 
Loan repayment(12,245)
Balance as of June 30, 2026$197,867 
Schedule of Fair Value Measurements of Investments in Commercial Loans
The following tables show the significant unobservable inputs related to the Level 3 fair value measurement of our investments in commercial loans as of June 30, 2026 and December 31, 2025:
June 30, 2026
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Commercial loansDiscounted cash flowDiscount rate6.38%
6.23% - 6.58%
December 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Commercial loanDiscounted cash flowDiscount rate8.75%N/A
Schedule of Carrying Value and Estimated Fair Value of our Liabilities
The following table presents the principal balance and estimated fair value of our liabilities that are not carried at fair value on the condensed consolidated balance sheets:
June 30, 2026December 31, 2025
in thousandsPrincipal BalanceEstimated Fair ValuePrincipal BalanceEstimated Fair Value
Mortgage notes payable$235,655 $235,146 $235,318 $234,532 
Secured lending agreement157,680 157,837 66,480 66,480 
Revolving credit facility15,000 15,000 40,000 40,000 
Total$408,335 $407,983 $341,798 $341,012