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Fair Values (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

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

Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

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

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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