The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets (dollars in thousands):


	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