| Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value |
The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows ($ in thousands):
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September 30, 2026 |
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Carrying |
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Unpaid Principal |
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Fair Value Hierarchy Level |
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Value |
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Balance |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Loans receivable held-for-investment, net |
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$ |
2,490,623 |
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$ |
3,055,182 |
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$ |
2,528,810 |
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$ |
- |
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$ |
- |
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$ |
2,528,810 |
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Repurchase agreements |
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1,323,921 |
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1,323,921 |
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1,323,921 |
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- |
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- |
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1,323,921 |
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Term participation facility |
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211,968 |
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211,968 |
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211,413 |
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- |
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- |
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211,413 |
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Secured term loan, net |
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469,947 |
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500,000 |
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491,598 |
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- |
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- |
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491,598 |
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Debt related to real estate owned hotel portfolio, net |
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233,114 |
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235,000 |
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235,060 |
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- |
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- |
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235,060 |
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December 31, 2025 |
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Carrying |
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Unpaid Principal |
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Fair Value Hierarchy Level |
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Value |
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Balance |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Loans receivable held-for-investment, net |
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$ |
3,615,401 |
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$ |
4,057,357 |
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$ |
3,636,499 |
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$ |
- |
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$ |
- |
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$ |
3,636,499 |
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Repurchase agreements |
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1,857,614 |
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1,857,614 |
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1,857,614 |
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- |
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- |
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1,857,614 |
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Term participation facility |
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329,452 |
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329,452 |
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325,837 |
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- |
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- |
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325,837 |
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Notes payable, net |
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177,522 |
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177,999 |
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177,861 |
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- |
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- |
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177,861 |
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Secured term loan, net |
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549,447 |
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556,188 |
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538,112 |
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- |
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- |
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538,112 |
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Debt related to real estate owned hotel portfolio, net |
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230,992 |
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235,000 |
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235,216 |
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- |
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- |
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235,216 |
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