| Fair value financial and non-financial assets not reported at fair value |
The fair values of the Company’s financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands):
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Fair Value Measurements |
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Carrying Value |
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Fair Value(1) |
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Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1) |
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Significant Other Observable Inputs
(Level 2) |
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Significant Unobservable Inputs
(Level 3) |
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At June 30, 2026: |
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Assets: |
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CRE whole loans |
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$ |
2,098,074 |
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$ |
2,127,806 |
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$ |
— |
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$ |
— |
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$ |
2,127,806 |
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CRE preferred equity investment |
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9,691 |
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9,999 |
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— |
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— |
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9,999 |
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Loan receivable - due from Manager |
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10,250 |
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10,052 |
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— |
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— |
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10,052 |
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Liabilities: |
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Senior notes in CRE securitizations |
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873,701 |
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880,207 |
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— |
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— |
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880,207 |
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CRE term reinvestment facility |
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622,766 |
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625,267 |
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— |
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— |
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625,267 |
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Senior secured financing facility |
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56,398 |
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56,503 |
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— |
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— |
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56,503 |
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Warehouse financing facilities |
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8,123 |
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8,447 |
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— |
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— |
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8,447 |
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Mortgage payable |
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20,904 |
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21,678 |
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— |
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— |
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21,678 |
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5.75% Senior Unsecured Notes |
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149,906 |
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150,030 |
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— |
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— |
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150,030 |
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Junior subordinated notes |
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51,548 |
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43,393 |
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— |
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— |
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43,393 |
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At December 31, 2025: |
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Assets: |
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CRE whole loans |
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$ |
1,800,784 |
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$ |
1,828,299 |
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$ |
— |
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$ |
— |
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$ |
1,828,299 |
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CRE preferred equity investment |
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9,185 |
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9,511 |
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— |
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— |
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9,511 |
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Loan receivable - due from Manager |
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10,375 |
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9,337 |
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— |
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— |
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9,337 |
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Liabilities: |
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CRE term reinvestment facility |
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728,167 |
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731,002 |
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— |
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— |
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731,002 |
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Senior secured financing facility |
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61,645 |
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63,099 |
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— |
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— |
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63,099 |
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Warehouse financing facilities |
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533,862 |
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534,760 |
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— |
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— |
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534,760 |
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Mortgage payable |
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20,185 |
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20,185 |
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— |
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— |
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20,185 |
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5.75% Senior Unsecured Notes |
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149,531 |
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148,740 |
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— |
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— |
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148,740 |
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Junior subordinated notes |
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51,548 |
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42,777 |
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— |
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— |
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42,777 |
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(1)The fair values reflected in the table above represent management's best estimate of the fair value of the financial instruments and have no impact on the Company's performance or cash flows.
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