| Schedule of Fair Value of Financial Assets and Liabilities |
The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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