v3.26.1
Fair Values (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
June 30, 2026
December 31, 2025
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets
Derivatives
$—
$47,908
$—
$47,908
$—
$10,492
$—
$10,492
Debt securities
—
—
66,310
66,310
—
—
—
—
Total
$—
$47,908
$66,310
$114,218
$—
$10,492
$—
$10,492
Liabilities
Derivatives
$—
$10,351
$—
$10,351
$—
$26,596
$—
$26,596
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments The following table details the book value, face amount, and fair value of the financial instruments described in Note 2   
($ in thousands):
June 30, 2026
December 31, 2025
Book
Value
Face
Amount
Fair
Value
Book
Value
Face
Amount
Fair
Value
Financial assets
Cash and cash equivalents
$432,833
$432,833
$432,833
$452,526
$452,526
$452,526
Loans receivable, net
16,936,895
17,409,208
16,912,904
17,784,694
18,154,768
17,856,303
Financial liabilities
Secured debt, net
8,708,944
8,717,351
8,648,332
10,117,292
10,125,839
10,029,890
Other secured debt(1)
38,386
38,386
38,386
39,475
39,475
39,475
Securitized debt obligations, net
2,732,964
2,750,810
2,743,355
2,139,719
2,149,496
2,132,667
Asset-specific debt, net
971,305
972,635
972,635
997,746
999,810
996,308
Secured term loans, net
1,878,562
1,915,033
1,906,096
1,808,000
1,847,726
1,850,327
Senior secured notes, net
1,217,499
1,235,316
1,232,033
784,876
785,316
810,608
Convertible notes, net
265,310
266,157
265,508
264,745
266,157
264,286
(1)Included within other liabilities on our consolidated balance sheets. See Note 6 for further information.