Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Assets and Liabilities on a Recurring Basis |
The following table presents the Company’s financial assets and liabilities carried at fair value on a recurring basis in the Condensed Consolidated Balance Sheets by their level in the fair value hierarchy (dollars in thousands):
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June 30, 2025 |
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December 31, 2024 |
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Level I |
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Level II |
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Level III |
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Level I |
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Level II |
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Level III |
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Financial Assets: |
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Loans receivable, at fair value |
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$ |
— |
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$ |
— |
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$ |
1,028,960 |
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$ |
— |
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$ |
— |
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$ |
828,215 |
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Derivative instrument assets, at fair value |
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— |
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— |
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— |
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— |
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85 |
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— |
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Total |
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$ |
— |
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$ |
— |
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$ |
1,028,960 |
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$ |
— |
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$ |
85 |
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$ |
828,215 |
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Financial Liabilities: |
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Secured financings, at fair value |
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$ |
— |
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$ |
— |
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$ |
(771,266 |
) |
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$ |
— |
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$ |
— |
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$ |
(619,787 |
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Derivative instrument liabilities, at fair value |
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— |
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(3,430 |
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— |
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— |
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— |
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— |
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Total |
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$ |
— |
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$ |
(3,430 |
) |
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$ |
(771,266 |
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$ |
— |
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$ |
— |
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$ |
(619,787 |
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| Schedule of Fair Value Measurements of Loans Receivable |
The following tables show a reconciliation of the beginning and ending fair value measurements of the Company’s Loans Receivable, at fair value, for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):
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Three Months Ended
June 30, 2025 |
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Six Months Ended
June 30, 2025 |
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Beginning Balance |
$ |
936,846 |
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$ |
828,215 |
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Loan originations and fundings |
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98,484 |
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200,176 |
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Loan repayments |
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(19,500 |
) |
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(19,500 |
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Unrealized loss on loans receivable, at fair value |
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978 |
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1,924 |
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Foreign currency translation |
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12,152 |
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18,145 |
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Balance as of June 30, 2025 |
$ |
1,028,960 |
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$ |
1,028,960 |
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Three Months Ended
June 30, 2024 |
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Six Months Ended
June 30, 2024 |
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Beginning Balance |
$ |
251,387 |
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$ |
158,288 |
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Loan originations and fundings |
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208,967 |
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302,849 |
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Unrealized loss on loans receivable, at fair value |
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(1,786 |
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(2,569 |
) |
Foreign currency translation |
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2,011 |
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2,011 |
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Balance as of June 30, 2024 |
$ |
460,579 |
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$ |
460,579 |
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| Schedule of Fair Value Measurements of Secured Financings at Fair Value |
The following table shows a reconciliation of the beginning and ending fair value measurements of the Company’s Secured financings, at fair value, for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):
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Three Months Ended
June 30, 2025 |
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Six Months Ended
June 30, 2025 |
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Beginning Balance |
$ |
(715,778 |
) |
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$ |
(619,787 |
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Borrowings under secured financings |
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(87,910 |
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(197,334 |
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Repayments under secured financings |
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42,438 |
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60,938 |
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Unrealized loss on secured financings, at fair value |
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(258 |
) |
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(509 |
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Foreign currency translation |
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(9,758 |
) |
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(14,574 |
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Balance as of June 30, 2025 |
$ |
(771,266 |
) |
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$ |
(771,266 |
) |
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Three Months Ended
June 30, 2024 |
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Six Months Ended
June 30, 2024 |
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Beginning Balance |
$ |
(164,869 |
) |
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$ |
(120,196 |
) |
Borrowings under secured financings |
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(204,363 |
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(297,863 |
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Repayments under secured financings |
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70,500 |
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119,250 |
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Unrealized gain on secured financings, at fair value |
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1,655 |
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1,732 |
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Foreign currency translation |
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(1,622 |
) |
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(1,622 |
) |
Balance as of June 30, 2024 |
$ |
(298,699 |
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$ |
(298,699 |
) |
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| Schedule of Quantitative Inputs and Assumptions used for Items Categorized in Level 3 of Fair Value |
The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2025 and December 31, 2024 (dollars in thousands):
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June 30, 2025 |
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Fair Value |
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Valuation Technique |
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Unobservable Inputs |
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Weighted Average |
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Range |
Financial Assets: |
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Loans receivable, at fair value |
$ |
1,028,960 |
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Discounted cash flow |
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Discount Rate |
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7.13% |
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6.73 - 7.57% |
Financial Liabilities: |
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Secured financings, at fair value |
$ |
(771,266 |
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Discounted cash flow |
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Discount Rate |
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6.24% |
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5.82 - 6.57% |
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December 31, 2024 |
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Fair Value |
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Valuation Technique |
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Unobservable Inputs |
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Weighted Average |
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Range |
Financial Assets: |
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Loans receivable, at fair value |
$ |
828,215 |
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Discounted cash flow |
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Discount Rate |
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7.86% |
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7.53 - 8.18% |
Financial Liabilities: |
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Secured financings, at fair value |
$ |
(619,787 |
) |
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Discounted cash flow |
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Discount Rate |
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6.74% |
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6.42 - 7.08% |
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