Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 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 Consolidated Balance Sheets by their level in the fair value hierarchy (dollars in thousands):
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December 31, 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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$ |
1,392,131 |
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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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$ |
1,392,131 |
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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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$ |
(1,077,803 |
) |
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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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(2,645 |
) |
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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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$ |
(2,645 |
) |
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$ |
(1,077,803 |
) |
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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 table shows a reconciliation of the beginning and ending fair value measurements of the Company’s Loans Receivable, at fair value, for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
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Balance as of July 14, 2023 (date of initial capitalization) |
$ |
— |
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Loan originations and fundings |
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160,000 |
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Unrealized loss on loans receivable, at fair value |
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(1,712 |
) |
Balance as of December 31, 2023 |
$ |
158,288 |
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Loan originations and fundings |
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674,395 |
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Unrealized loss on loans receivable, at fair value |
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(4,552 |
) |
Foreign currency translation |
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84 |
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Balance as of December 31, 2024 |
$ |
828,215 |
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Loan originations and fundings |
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730,223 |
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Loan repayments |
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(184,935 |
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Unrealized gain on loans receivable, at fair value |
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4,351 |
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Foreign currency translation |
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14,277 |
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Balance as of December 31, 2025 |
$ |
1,392,131 |
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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 years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
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Balance as of July 14, 2023 (date of initial capitalization) |
$ |
— |
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Borrowings under secured financings |
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(120,500 |
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Unrealized gain on secured financings, at fair value |
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304 |
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Balance as of December 31, 2023 |
$ |
(120,196 |
) |
Borrowings under secured financings |
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(653,704 |
) |
Repayments under secured financings |
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152,750 |
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Unrealized gain on secured financings, at fair value |
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1,532 |
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Foreign currency translation |
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(169 |
) |
Balance as of December 31, 2024 |
$ |
(619,787 |
) |
Borrowings under secured financings |
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(682,394 |
) |
Repayments under secured financings |
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237,018 |
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Unrealized loss on secured financings, at fair value |
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(1,179 |
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Foreign currency translation |
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(11,461 |
) |
Balance as of December 31, 2025 |
$ |
(1,077,803 |
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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 December 31, 2025 and December 31, 2024 (dollars in thousands):
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December 31, 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 |
$ |
1,392,131 |
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Discounted cash flow |
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Discount Rate |
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6.68% |
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6.12 - 7.48% |
Financial Liabilities: |
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Secured financings, at fair value |
$ |
(1,077,803 |
) |
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Discounted cash flow |
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Discount Rate |
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5.72% |
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5.13 - 6.16% |
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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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