As of June 30, 2026 and December 31, 2025, the carrying amounts and fair values of the Company’s financial assets and liabilities recorded at cost are as follows ($ in thousands):


		As of
		June 30, 2026				December 31, 2025


	Level in Fair Value Hierarchy	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Financial assets:
Loans held for investment	3	$	1,748,835	$	1,621,760	$	1,528,806	$	1,409,982

Financial liabilities:
Secured funding agreements	2	$	1,173,027	$	1,173,027	$	858,176	$	858,176
Secured term loan	3	89,722		89,422		89,360		88,686
Collateralized loan obligation securitization debt (consolidated VIEs)	2	—		—		99,921		95,766

(1)Loans held for investment are presented at Carrying Value, which excludes the CECL Reserve.