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 presents the Company’s financial assets and liabilities carried at fair value on a recurring basis in the Consolidated Balance Sheets at June 30, 2026 by their level in the fair value hierarchy:
Fair Value Measurements
(in thousands)Level 1Level 2Level 3Total
Financial Assets:
   Loans receivable, at fair value$— $— $754,457 $754,457 
   Real estate securities, at fair value—149,439—149,439
Total$— $149,439 $754,457 $903,896 
Financial Liabilities:
   Repurchase agreements, at fair value$— $— $645,910 $645,910 
Total$— $— $645,910 $645,910 

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 1Level 2Level 3Total
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 during the three and six months ended June 30, 2026:
(in thousands)Three Months EndedSix Months Ended
Beginning balance$619,721 $372,276 
Loan originations and fundings142,505391,183
Principal paydowns(7,769)(9,002)
Unrealized gain (loss) on loans receivable——
Total$754,457 $754,457 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s loans receivable at June 30, 2026:
($ in thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateRange
Loans receivable, at fair value - Senior$688,708 Discounted Cash FlowDiscount Rate (interest spread)3.37%
2.00% - 6.93%
Loans receivable, at fair value - Senior58,605 
Recent Transaction (1)
N/AN/A
N/A
Loans receivable, at fair value - Mezzanine7,144 Discounted Cash FlowDiscount Rate (interest spread)10.36%
4.77% - 15.68%
Loans receivable, at fair value - Mezzanine— 
Recent Transaction (1)
N/AN/A
N/A
$754,457 
(1) Any loans receivable originated during the calendar month are valued utilizing the transaction price as a market approach under ASC 820.
The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s loans receivable at December 31, 2025:
($ in thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateRange
Loans receivable, at fair value - Senior$266,241 Discounted Cash FlowDiscount Rate (interest spread)
3.39%
2.30% - 6.49%
Loans receivable, at fair value - Senior101,755
Recent Transaction (1)
N/A
N/A
N/A
Loans receivable, at fair value - Mezzanine1,640Discounted Cash FlowDiscount Rate (interest spread)
11.68%
7.02% - 15.43%
Loans receivable, at fair value - Mezzanine2,640
Recent Transaction (1)
N/A
N/A
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 June 30, 2026:
(in thousands)Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateRange
Repurchase agreements, at fair value$604,585 Discounted Cash FlowDiscount Rate (interest spread)1.55%
0.60% - 3.70%
Repurchase agreements, at fair value41,325
Recent Transaction (1)
N/AN/AN/A
$645,910 
(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 ValueValuation TechniqueUnobservable InputsWeighted Average RateRange
Repurchase agreements, at fair value$230,975 Discounted Cash FlowDiscount Rate (interest spread)
1.52%
0.65% - 3.60%
Repurchase agreements, at fair value
61,057
Recent Transaction (1)
N/AN/A
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 during the three and six months ended June 30, 2026:
(in thousands)Three Months EndedSix Months Ended
Beginning balance$512,402 $292,032 
Borrowings under repurchase agreements390,171805,743
Repayment under repurchase agreements(256,663)(451,865)
Total$645,910 $645,910