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, 2026
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	4,335,033	$	4,243,788	$	—	$	—	$	4,312,156
Financial liabilities
Collateralized loan obligations	1,919,500		1,905,790		—		—		1,910,236
Secured credit agreements	991,978		988,801		—		—		990,998
Asset-specific financing arrangements	60,235		59,781		—		—		60,198
Secured Revolving Credit Facility	128,903		126,865		—		—		128,903
Mortgage loan payable	31,200		30,910		—		—		31,200
Term Loan B	400,000		392,973		—		400,000		—


	December 31, 2025
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	4,118,050	$	4,028,519	$	—	$	—	$	4,083,758
Financial liabilities
Collateralized loan obligations	2,595,316		2,579,920		—		—		2,579,151
Secured credit agreements	591,245		589,648		—		—		590,653
Asset-specific financing arrangements	60,235		59,780		—		—		60,127
Secured revolving credit facility	31,466		28,822		—		—		31,466
Mortgage loan payable	31,200		30,838		—		—		31,200