The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026						December 31, 2025
	Principal Amount		Carrying Value		Fair Value		Principal Amount		Carrying Value		Fair Value
Financial assets:(1)
Loans and preferred equity held for investment, net(2)(3)	$	2,899,771	$	2,893,663	$	2,850,477	$	2,679,909	$	2,678,315	$	2,657,083
Financial liabilities:(1)
Securitization bonds payable, net	$	1,417,112	$	1,407,850	$	1,417,112	$	982,090	$	977,082	$	982,090
Mortgage and other notes payable, net	413,533		411,604		391,006		416,302		414,060		394,819
Credit facilities	926,225		926,225		926,225		1,078,098		1,078,098		1,078,098

(1)The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

(2)Excludes future funding commitments of $145.5 million and $112.2 million as of June 30, 2026 and December 31, 2025, respectively.

(3)Carry value excludes CECL reserves of $98.7 million and $87.4 million as of June 30, 2026 and December 31, 2025, respectively.