Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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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March 31, 2026 |
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December 31, 2025 |
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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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$ |
1,570,361 |
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$ |
— |
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$ |
— |
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$ |
1,392,131 |
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Derivative instrument assets, at fair value |
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— |
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38 |
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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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$ |
38 |
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$ |
1,570,361 |
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$ |
— |
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$ |
— |
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$ |
1,392,131 |
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Financial Liabilities: |
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Secured financings, at fair value(1) |
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$ |
— |
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$ |
— |
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$ |
(1,102,653 |
) |
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$ |
— |
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$ |
— |
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$ |
(1,077,803 |
) |
Derivative instrument liabilities, at fair value |
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— |
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(1,828 |
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— |
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— |
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(2,645 |
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— |
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Total |
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$ |
— |
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$ |
(1,828 |
) |
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$ |
(1,102,653 |
) |
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$ |
— |
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$ |
(2,645 |
) |
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$ |
(1,077,803 |
) |
__________________ (1)Excludes secured financings for which the Company has not elected the fair value option.
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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 months ended March 31, 2026 and 2025, respectively (dollars in thousands):
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Three Months Ended
March 31, 2026 |
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Beginning Balance |
$ |
1,392,131 |
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Loan originations and fundings |
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201,484 |
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Loan repayments |
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(20,042 |
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Unrealized gain on loans receivable, at fair value |
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470 |
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Loss on foreign currency translation |
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(3,682 |
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Balance as of March 31, 2026 |
$ |
1,570,361 |
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Three Months Ended
March 31, 2025 |
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Beginning Balance |
$ |
828,215 |
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Loan originations and fundings |
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101,692 |
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Unrealized gain on loans receivable, at fair value |
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946 |
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Gain on foreign currency translation |
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5,993 |
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Balance as of March 31, 2025 |
$ |
936,846 |
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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 months ended March 31, 2026 and 2025, respectively (dollars in thousands):
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Three Months Ended
March 31, 2026 |
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Beginning Balance |
$ |
(1,077,803 |
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Borrowings under secured financings, at fair value |
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(49,673 |
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Repayments of secured financings, at fair value |
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22,033 |
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Unrealized loss on secured financings, at fair value |
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(156 |
) |
Gain on foreign currency translation |
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2,946 |
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Balance as of March 31, 2026 |
$ |
(1,102,653 |
) |
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Three Months Ended
March 31, 2025 |
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Beginning Balance |
$ |
(619,787 |
) |
Borrowings under secured financings, at fair value |
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(109,424 |
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Repayments of secured financings, at fair value |
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18,500 |
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Unrealized loss on secured financings, at fair value |
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(251 |
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Loss on foreign currency translation |
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(4,816 |
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Balance as of March 31, 2025 |
$ |
(715,778 |
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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 March 31, 2026 and December 31, 2025 (dollars in thousands):
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March 31, 2026 |
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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 |
$ |
1,570,361 |
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Discounted cash flow |
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Discount Rate |
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6.23% |
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5.98 - 6.58% |
Financial Liabilities: |
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Secured financings, at fair value |
$ |
(1,102,653 |
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Discounted cash flow |
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Discount Rate |
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5.27% |
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5.08 - 5.58% |
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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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