v3.26.1
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured on Recurring Basis and Carried at Fair Value

The following table presents the Company’s financial instruments measured on a recurring basis and carried at fair value in the consolidated balance sheets by their level in the fair value hierarchy as of June 30, 2026:

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Real estate securities

 

 

 

 

$

9,978

 

 

 

 

 

$

9,978

 

 

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below:

 

June 30, 2026

 

 

December 31, 2025

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

$

56,199

 

 

$

56,199

 

 

$

79,106

 

 

$

79,106

 

Commercial mortgage loans, net

 

305,352

 

 

 

305,352

 

 

 

347,893

 

 

 

347,893

 

Total

$

361,551

 

 

$

361,551

 

 

$

426,999

 

 

$

426,999

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

Repurchase agreements — commercial mortgage
   loans

$

179,498

 

 

$

179,498

 

 

$

223,397

 

 

$

223,397

 

Loan participations — sold

 

47,715

 

 

 

47,715

 

 

 

47,009

 

 

 

47,009

 

Mortgage loan payable, net

 

24,065

 

 

 

24,518

 

 

 

23,891

 

 

 

24,454

 

Total

$

251,278

 

 

$

251,731

 

 

$

294,297

 

 

$

294,860