Fair Values

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Values

FAIR VALUES

Assets and Liabilities Measured at Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	June 30, 2025				December 31, 2024
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Derivatives	$—	$12,267	$—	$12,267	$—	$72,454	$—	$72,454
Liabilities
Derivatives	$—	$95,700	$—	$95,700	$—	$5,238	$—	$5,238

This table excludes $55.9 million of investments in unconsolidated entities that are measured at fair value using net asset

value as a practical expedient and not classified in the fair value hierarchy as June 30, 2025. No assets were measured at

fair value using net asset value as a practical expedient as of December 31, 2024. Refer to Note 5 for additional

information.

Refer to Note 2 for further discussion regarding fair value measurement.

Fair Value of Financial Instruments

As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not

recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($

in thousands):

	June 30, 2025			December 31, 2024
	Book Value	Face Amount	Fair Value	Book Value	Face Amount	Fair Value
Financial assets
Cash and cash equivalents	$388,049	$388,049	$388,049	$323,483	$323,483	$323,483
Loans receivable, net	18,965,254	19,874,340	18,942,580	18,313,582	19,203,126	18,288,958
Financial liabilities
Secured debt, net	10,683,320	10,693,596	10,568,791	9,696,334	9,705,529	9,590,400
Securitized debt obligations, net	2,493,011	2,502,834	2,464,198	1,936,956	1,936,967	1,838,089
Asset-specific debt, net	528,224	529,867	519,637	1,224,841	1,228,110	1,218,639
Loan participations sold, net	50,000	50,000	50,000	100,064	100,064	99,822
Secured term loans, net	1,726,444	1,760,748	1,761,199	1,732,073	1,764,437	1,765,668
Senior secured notes, net	784,066	785,316	803,996	771,035	785,316	780,931
Convertible notes, net	264,181	266,157	260,996	263,616	266,157	257,707

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market

prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured

Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value

significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding

fair value measurement of certain of our assets and liabilities.