Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2025

Note 17 – Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at June 30, 2025 and December 31, 2024 ($ in thousands):


	June 30, 2025						December 31, 2024
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and cash equivalents	$	177,623		$	177,623		$	317,396		$	317,396
Commercial mortgage loans, net		8,479,438			8,346,330			6,715,347			6,616,694
Subordinate loans, net		145,472			145,472			388,809			388,780
Secured debt arrangements, net		(6,213,188	)		(6,213,188	)		(4,814,973	)		(4,814,973	)
Senior secured term loans, net		(729,416	)		(750,938	)		(754,210	)		(757,772	)
Senior secured notes, net		(496,826	)		(473,750	)		(496,433	)		(432,500	)
Debt related to real estate owned, held for investment, net		(376,504	)		(376,504	)		(324,587	)		(324,587	)

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount we could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. Estimates of fair value for cash and cash equivalents, Senior Secured Notes, net, and Term Loans, net are measured using observable Level I inputs as defined in "Note 3 – Fair Value Disclosure." Estimates of fair value for all other financial instruments in the table above are measured using significant estimates, or unobservable Level III inputs as defined in "Note 3 – Fair Value Disclosure."