| Schedule of Carrying Values and Estimated Fair Values of Assets and Liabilities |
The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at June 30, 2026, and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in thousands) | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Assets | | | | | | | | Loans held-for-investment, net of allowance for credit losses | $ | 1,225,896 | | | $ | 1,261,518 | | | $ | 1,537,732 | | | $ | 1,579,793 | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | $ | 58,478 | | | $ | 58,478 | | | $ | 65,958 | | | $ | 65,958 | | | Restricted cash | $ | 48,994 | | | $ | 48,994 | | | $ | 14,108 | | | $ | 14,108 | | | Liabilities | | | | | | | | | Repurchase facilities | $ | 313,721 | | | $ | 313,721 | | | $ | 439,173 | | | $ | 439,173 | | | Securitized debt obligations | $ | 521,646 | | | $ | 515,901 | | | $ | 643,528 | | | $ | 628,079 | | | | | | | | | | | Secured credit facility | $ | 71,774 | | | $ | 71,774 | | | $ | 71,774 | | | $ | 71,774 | | Mortgage loan payable | $ | 17,594 | | | $ | 17,594 | | | $ | 17,546 | | | $ | 17,546 | | | Loan participations sold | $ | 28,301 | | | $ | 28,301 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | |
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