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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Assets and Liabilities

The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021 (dollars in thousands):

 

 

March 31, 2022

 

 

 

 

 

 

Fair value

 

 

 

Carrying value

 

 

Level I

 

 

Level II

 

 

Level III

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

$

5,069,481

 

 

$

—

 

 

$

—

 

 

$

5,091,160

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized loan obligations

 

 

2,810,626

 

 

 

—

 

 

 

—

 

 

 

2,828,618

 

Secured credit agreements

 

 

1,162,576

 

 

 

—

 

 

 

—

 

 

 

1,165,000

 

Secured revolving credit facility

 

 

30,380

 

 

 

—

 

 

 

—

 

 

 

30,380

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Fair value

 

 

 

Carrying value

 

 

Level I

 

 

Level II

 

 

Level III

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

$

4,867,203

 

 

$

—

 

 

$

—

 

 

$

4,899,666

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized loan obligations

 

 

2,545,691

 

 

 

—

 

 

 

—

 

 

 

2,558,544

 

Secured credit agreements

 

 

1,162,206

 

 

 

—

 

 

 

—

 

 

 

1,169,710