| Carrying Value and Estimated Fair Value of Company's Financial Instruments |
The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 ($ in thousands):
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June 30, 2026 |
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December 31, 2025 |
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Carrying
Value |
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Estimated
Fair Value |
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Carrying
Value |
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|
Estimated
Fair Value |
|
Cash and cash equivalents |
|
$ |
1,239,480 |
|
|
$ |
1,239,480 |
|
|
$ |
139,825 |
|
|
$ |
139,825 |
|
Commercial mortgage loans, net |
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|
— |
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— |
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|
|
8,712,018 |
|
|
|
8,650,253 |
|
Subordinate loans, net |
|
|
— |
|
|
|
— |
|
|
|
62,198 |
|
|
|
62,198 |
|
Secured debt arrangements, net |
|
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— |
|
|
|
— |
|
|
|
(6,268,550 |
) |
|
|
(6,268,550 |
) |
Senior secured term loans, net |
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|
— |
|
|
|
— |
|
|
|
(727,533 |
) |
|
|
(750,914 |
) |
Senior secured notes, net |
|
|
— |
|
|
|
— |
|
|
|
(497,226 |
) |
|
|
(485,625 |
) |
Debt related to real estate owned, held for investment, net |
|
|
(371,428 |
) |
|
|
(371,428 |
) |
|
|
(424,703 |
) |
|
|
(424,703 |
) |
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