The Company’s consolidated balance sheet includes Level I fair value measurements related to cash equivalents and restricted cash. As of June 30, 2025 and December 31, 2024, the Company had $80.9 million and $124.7 million, respectively, invested in money market funds with original maturities of less than 90 days. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheet also includes loans held for investment, the assets and liabilities of its CLOs, secured credit agreements, and asset-specific financing arrangements that are considered Level III fair value measurements. Level III items are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment and when the loan is dependent solely on the collateral for payment of principal and interest.


	June 30, 2025
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	3,783,609	$	3,707,729	$	—	$	—	$	3,744,664
Financial liabilities
Collateralized loan obligations	2,452,377		2,442,868		—		—		2,433,348
Secured credit agreements	156,711		156,346		—		—		155,445
Asset-specific financing arrangements	29,110		29,097		—		—		29,073
Secured revolving credit facility	367,841		364,641		—		—		367,841
Mortgage loan payable	31,200		30,766		—		—		31,200


	December 31, 2024
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	3,284,510	$	3,217,030	$	—	$	—	$	3,258,017
Financial liabilities
Collateralized loan obligations	1,682,288		1,681,660		—		—		1,661,615
Secured credit agreements	585,042		584,235		—		—		580,921
Asset-specific financing arrangements	186,500		185,741		—		—		186,006
Secured revolving credit facility	86,625		86,492		—		—		86,625
Mortgage loan payable	31,200		30,695		—		—		31,200

As of June 30, 2025 and December 31, 2024, the estimated fair value of the Company’s loans held for investment portfolio was $3.7 billion and $3.3 billion, respectively, which approximated carrying value. The weighted average gross credit spread for the Company’s loans held for investment portfolio as of June 30, 2025 and December 31, 2024 was 3.48% and 3.68%, respectively. The weighted average years to maturity as of June 30, 2025 and December 31, 2024 was 2.7 years and 2.4 years, respectively, assuming full extension of all loans held for investment.

As of June 30, 2025 and December 31, 2024, the estimated fair value of the collateralized loan obligation liabilities and secured credit agreements approximated fair value since current borrowing spreads reflect current market terms.

Level III fair values are determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on LTV, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine market spreads that are added to the forward curve of the underlying benchmark interest rate. There were no transfers of financial assets or liabilities within the levels of the fair value hierarchy during the three and six months ended June 30, 2025.