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Fair Values
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Values FAIR VALUES
Assets and Liabilities Measured at Fair Value
The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
September 30, 2025
December 31, 2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets
Derivatives
$—
$19,505
$—
$19,505
$—
$72,454
$—
$72,454
Liabilities
Derivatives
$—
$2,557
$—
$2,557
$—
$5,238
$—
$5,238
This table excludes $104.9 million of investments in unconsolidated entities that are measured at fair value using net asset
value as a practical expedient and not classified in the fair value hierarchy as September 30, 2025. No assets were measured
at fair value using net asset value as a practical expedient as of December 31, 2024. Refer to Note 5 for further information.
Refer to Note 2 for further discussion regarding fair value measurement.
Fair Value of Financial Instruments
As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not
recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.
The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($
in thousands):
September 30, 2025
December 31, 2024
Book
Value
Face
Amount
Fair
Value
Book
Value
Face
Amount
Fair
Value
Financial assets
Cash and cash equivalents
$377,921
$377,921
$377,921
$323,483
$323,483
$323,483
Loans receivable, net
17,371,200
18,188,534
17,407,513
18,313,582
19,203,126
18,288,958
Financial liabilities
Secured debt, net
9,540,224
9,548,332
9,450,250
9,696,334
9,705,529
9,590,400
Securitized debt obligations, net
2,470,067
2,479,417
2,455,101
1,936,956
1,936,967
1,838,089
Asset-specific debt, net
627,916
629,890
619,599
1,224,841
1,228,110
1,218,639
Loan participations sold, net
—
—
—
100,064
100,064
99,822
Secured term loans, net
1,774,913
1,808,127
1,812,573
1,732,073
1,764,437
1,765,668
Senior secured notes, net
785,215
785,316
801,487
771,035
785,316
780,931
Convertible notes, net
264,463
266,157
262,899
263,616
266,157
257,707
Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market
prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured
Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value
significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding
fair value measurement of certain of our assets and liabilities.