v3.25.3
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
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:

 

September 30, 2025

 

 

December 31, 2024

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

 

Carrying
Amount

 

 

Estimated Fair
Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

$

73,866

 

 

$

73,866

 

 

$

64,549

 

 

$

64,549

 

Commercial mortgage loans, net

 

375,387

 

 

 

375,387

 

 

 

549,173

 

 

 

549,173

 

Total

$

449,253

 

 

$

449,253

 

 

$

613,722

 

 

$

613,722

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

Repurchase agreements — commercial mortgage
   loans

$

242,270

 

 

$

242,270

 

 

$

360,677

 

 

$

360,677

 

Loan participations — sold

 

47,141

 

 

 

47,141

 

 

 

48,524

 

 

 

48,524

 

Mortgage loan payable, net

 

23,804

 

 

 

23,804

 

 

 

—

 

 

 

—

 

Total

$

313,215

 

 

$

313,215

 

 

$

409,201

 

 

$

409,201