Fair Values (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

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

Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

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