The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2026 and December 31, 2025 (dollars in thousands):


	September 30, 2026						December 31, 2025
	Principal Amount		Carrying Value		Fair Value		Principal Amount		Carrying Value		Fair Value
Financial assets:(1)
Loans and preferred equity held for investment, net(2)(3)	$	3,089,431	$	3,082,324	$	2,741,020	$	2,679,909	$	2,678,315	$	2,657,083
Financial liabilities:(1)
Securitization bonds payable, net	$	1,371,022	$	1,362,731	$	1,371,022	$	982,090	$	977,082	$	982,090
Mortgage and other notes payable, net	212,207		210,988		206,061		416,302		414,060		394,819
Credit facilities	1,059,853		1,059,853		1,059,853		1,078,098		1,078,098		1,078,098

(1)The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

(2)Excludes future funding commitments of $145.2 million and $112.2 million as of September 30, 2026 and December 31, 2025, respectively.

(3)Carry value excludes CECL reserves of $106.3 million and $87.4 million as of September 30, 2026 and December 31, 2025, respectively.