v3.26.1
Fair Value Option
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Option
6.
Fair Value Option
The following table summarizes the financial instruments for which the fair value option has been elected:
 
$
                        
 $
                        
    
June 30,
2026
     
December 31,
2025
  
Assets
      
Loans and Receivables
   
$
394,761
 
   
$
205,158
 
Equity and Preferred Securities
   
 
6,471,882
 
   
 
4,880,907
 
Debt Securities
   
 
3,382
 
   
 
7,553
 
  
 
 
     
 
 
  
  
$
6,870,025
 
   
$
5,093,618
 
  
 
 
     
 
 
  
Liabilities
      
Corporate Treasury Commitments
   
 
1,599
 
   
 
181
 
  
 
 
     
 
 
  
  
$
1,599
 
   
$
181
 
  
 
 
     
 
 
  
 
 
The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended June 30,
    
2026
  
2025
    
Realized
Gains
   
Net Change
in Unrealized
Gains (Losses)
  
Realized
Gains (Losses)
  
Net Change
in Unrealized
Gains (Losses)
Assets
          
Loans and Receivables
   
$
592
 
   
$
(1,813
) 
  
$
(273
) 
  
$
245
 
Equity and Preferred Securities
   
 
300
 
   
 
87,090
 
  
 
303
 
  
 
(7,412
) 
Debt Securities
   
 
—
 
   
 
(236
) 
  
 
—
 
  
 
(2,808
) 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
$
892
 
   
$
85,041
 
  
$
30
 
  
$
(9,975
) 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Liabilities
          
Corporate Treasury Commitments
   
 
—
 
   
 
439
 
  
 
—
 
  
 
512
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
   
$
439
 
  
$
—
 
  
$
512
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
$
                        
 $
                        
 $
                        
 $
                        
    
Six Months Ended June 30,
    
2026
  
2025
    
Realized
Gains (Losses)
  
Net Change
in Unrealized
Gains (Losses)
  
Realized
Gains (Losses)
  
Net Change
in Unrealized
Gains
Assets
         
Loans and Receivables
   
$
560
 
  
$
(2,966
) 
  
$
(929
) 
  
$
221
 
Equity and Preferred Securities
   
 
1,627
 
  
 
110,052
 
  
 
(7,761
) 
  
 
17,700
 
Debt Securities
   
 
(11,226
) 
  
 
8,319
 
  
 
642
 
  
 
(3,822
) 
Assets of Consolidated CLO Vehicles
         
Corporate Loans
   
 
—
 
  
 
—
 
  
 
(1,712
) 
  
 
1,038
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(9,039
) 
  
$
115,405
 
  
$
(9,760
) 
  
$
15,137
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
         
CLO Notes Payable
   
$
—
 
  
$
—
 
  
$
—
 
  
$
859
 
Corporate Treasury Commitments
   
 
—
 
  
 
(1,418
) 
  
 
—
 
  
 
76
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
  
$
(1,418
) 
  
$
—
 
  
$
935
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:
 
$
                        
 $
                        
 $
                        
 $
                        
 $
                        
 $
                        
    
June 30, 2026
   
December 31, 2025
        
For Financial Assets
Past Due (a)
       
For Financial Assets
Past Due (a)
    
Excess
(Deficiency)
of Fair Value
Over Principal
  
Fair
Value
   
Excess
(Deficiency)
of Fair Value
Over Principal
   
Excess
(Deficiency)
of Fair Value
Over Principal
  
Fair
Value
   
Excess
(Deficiency)
of Fair Value
Over Principal
Loans and Receivables
   
$
679
 
  
$
—
 
   
$
—
 
   
$
5,490
 
  
$
—
 
   
$
—
 
Debt Securities
   
 
(38,231
) 
  
 
—
 
   
 
—
 
   
 
(48,690
) 
  
 
—
 
   
 
—
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
$
(37,552
) 
  
$
—
 
   
$
—
 
   
$
(43,200
) 
  
$
—
 
   
$
—
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past
due
.
As of June 30, 2026 and December 31, 2025, no Loans and Receivables for which the fair value option was elected were
past
due or in
non-accrual
status.