The Company’s consolidated balance sheet includes Level I fair value measurements related to cash equivalents and restricted cash. As of September 30, 2026 and December 31, 2025, the Company had $35.1 million and $54.8 million, respectively, invested in money market funds with original maturities of less than 90 days. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheets also include loans held for investment, the assets and liabilities of the Company's CLOs, secured credit agreements, asset-specific financing arrangements, mortgage loans payable and Secured Revolving Credit Facility all of which are considered Level III fair value measurements. Level III items are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment and when the loan is dependent solely on the collateral for payment of principal and interest.


	September 30, 2026
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	4,934,450	$	4,842,420	$	—	$	—	$	4,915,290
Financial liabilities
Collateralized loan obligations	1,919,500		1,907,145		—		—		1,910,307
Secured credit agreements	1,522,156		1,519,157		—		—		1,520,432
Asset-specific financing arrangements	31,125		30,743		—		—		31,125
Secured Revolving Credit Facility	264,963		263,246		—		—		264,963
Mortgage loans payable	60,310		59,950		—		—		60,310
Term Loan B	400,000		393,268		—		400,000		—


	December 31, 2025
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	4,118,050	$	4,028,519	$	—	$	—	$	4,083,758
Financial liabilities
Collateralized loan obligations	2,595,316		2,579,920		—		—		2,579,151
Secured credit agreements	591,245		589,648		—		—		590,653
Asset-specific financing arrangements	60,235		59,780		—		—		60,127
Secured revolving credit facility	31,466		28,822		—		—		31,466
Mortgage loan payable	31,200		30,838		—		—		31,200

As of September 30, 2026 and December 31, 2025, the estimated fair value of the Company’s loans held for investment portfolio was $4.9 billion and $4.1 billion, respectively, which approximated carrying value. The weighted average gross credit spread for the Company’s loans held for investment portfolio as of September 30, 2026 and December 31, 2025 was 3.08% and 3.18%, respectively. The weighted average years to maturity as of September 30, 2026 and December 31, 2025 was 3.3 years and 3.0 years, respectively, assuming full extension of all loans held for investment.

As of September 30, 2026 and December 31, 2025, the estimated fair value of the collateralized loan obligation liabilities and secured credit agreements approximated fair value since current borrowing spreads reflect current market terms.

Level III fair values are determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on LTV, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine market spreads that are added to the forward curve of the underlying benchmark interest rate. There were no transfers of financial assets or liabilities within the levels of the fair value hierarchy during the three and nine months ended September 30, 2026 or 2025.