v3.26.1
Fair Value Option
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Option
6.
Fair Value Option
The following table summarizes the financial instruments for which the fair value option has been elected:
 
$
                        
 $
                        
    
March 31,
2026
     
December 31,
2025
  
Assets
 
   
Loans and Receivables
   
$
425,981
 
   
$
205,158
 
Equity and Preferred Securities
   
 
5,727,652
 
   
 
4,880,907
 
Debt Securities
   
 
3,901
 
   
 
7,553
 
  
 
 
     
 
 
  
  
$
6,157,534
 
   
$
5,093,618
 
  
 
 
     
 
 
  
Liabilities
      
Corporate Treasury Commitments
   
 
2,038
 
   
 
181
 
  
 
 
     
 
 
  
  
$
2,038
 
   
$
181
 
  
 
 
     
 
 
  
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended March 31,
    
2026
  
2025
    
Realized
Gains (Losses)
  
Net Change
in Unrealized
Gains (Losses)
  
Realized
Gains (Losses)
  
Net Change
in Unrealized
Gains (Losses)
Assets
         
Loans and Receivables
   
$
(32
) 
  
$
(1,153
) 
  
$
(656
) 
  
$
(24
) 
Equity and Preferred Securities
   
 
1,327
 
  
 
22,962
 
  
 
(8,064
) 
  
 
25,112
 
Debt Securities
   
 
(11,226
) 
  
 
8,555
 
  
 
642
 
  
 
(1,014
) 
Assets of Consolidated CLO Vehicles
         
Corporate Loans
   
 
—
 
  
 
—
 
  
 
(1,712
) 
  
 
1,038
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(9,931
) 
  
$
30,364
 
  
$
(9,790
) 
  
$
25,112
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
         
CLO Notes Payable
   
$
—
 
  
$
—
 
  
$
—
 
  
$
859
 
Corporate Treasury Commitments
   
 
—
 
  
 
(1,857
) 
  
 
—
 
  
 
(436
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
  
$
(1,857
) 
  
$
—
 
  
$
423
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:
 
$
                        
 $
                        
 $
                        
 $
                        
 $
                        
 $
                        
    
March 31, 2026
   
December 31, 2025
        
For Financial Assets

Past Due (a)
       
For Financial Assets

Past Due (a)
    
Excess
(Deficiency)
of Fair Value
Over Principal
  
Fair
Value
   
Excess
(Deficiency)
of Fair Value
Over Principal
   
Excess
(Deficiency)
of Fair Value
Over Principal
  
Fair
Value
   
Excess
(Deficiency)
of Fair Value
Over Principal
Loans and Receivables
   
$
2,828
 
  
$
—
 
   
$
—
 
   
$
5,490
 
  
$
—
 
   
$
—
 
Debt Securities
   
 
(37,947
) 
  
 
—
 
   
 
—
 
   
 
(48,690
) 
  
 
—
 
   
 
—
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
$
(35,119
) 
  
$
—
 
   
$
—
 
   
$
(43,200
) 
  
$
—
 
   
$
—
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
As of March 31, 2026 and December 31, 2025, no Loans and Receivables for which the fair value option was elected were past due or in
non-accrual
status.