FAIR VALUES (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value hierarchy of the Company's assets and liabilities carried at fair value ($ in thousands):

	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investments in loans and other notes	$	—	$	—	$	1,688,393	$	1,688,393
Investments in debt securities	—		267,010		—		267,010
Derivatives	—		1,585		—		1,585
Total	$	—	$	268,595	$	1,688,393	$	1,956,988
Liabilities:
Derivatives	$	—	$	(447)	$	—	$	(447)
Total	$	—	$	(447)	$	—	$	(447)

	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investments in loans and other notes	$	—	$	—	$	1,176,561	$	1,176,561
Investments in debt securities	—		351,756		—		351,756
Derivatives	—		26		—		26
Total	$	—	$	351,782	$	1,176,561	$	1,528,343
Liabilities:
Derivatives	$	—	$	(1,376)	$	—	$	(1,376)
Total	$	—	$	(1,376)	$	—	$	(1,376)

Schedule of Changes in Fair Value of Financial Instruments

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value ($ in thousands):

Investments in Loans and Other Notes	For the Three Months Ended March 31, 2026
Fair value, beginning of period	$	1,176,561
Principal fundings of investments in loans and other notes	535,884
Origination and other fees received on investments in loans and other notes	(5,371)
Principal collections from investments in loans and other notes	(19,323)
Net accretion of discount and amortization of premium on investments	1,756
Foreign currency translation	(577)
Net unrealized gain	(537)
Fair value, end of period	$	1,688,393

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs used in the valuation of the Company's Level 3 financial instruments ($ in thousands). This table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value.

	March 31, 2026
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average Rate(1)		Impact to Valuation from an Increase in Input
Assets
Investments in loans and other notes	$	1,688,393	Yield method	Market yield	7.3	%	Decrease

(1)The significant unobservable input used in the valuation of the Company's investment in loans and other notes is the market yield, which ranged from 5.1% to 24.4%.

	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average Rate(1)		Impact to Valuation from an Increase in Input
Assets
Investments in loans and other notes	$	1,176,561	Yield method	Market yield	6.9	%	Decrease

(1)The significant unobservable input used in the valuation of the Company's investment in loans and other notes is the market yield, which ranged from 5.5% to 10.0%.

Schedule of Financial Assets and Liabilities not Recorded at Fair Value

The following table presents the book value, face amount, and fair value of the Company's financial assets and liabilities not recorded at fair value ($ in thousands):

	March 31, 2026
	Book Value		Face Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	23,065	$	23,065	$	23,065
Restricted cash	2,436		2,436		2,436
Financial liabilities:
Secured debt, net	1,079,724		1,082,345		1,082,345

	December 31, 2025
	Book Value		Face Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	38,330	$	38,330	$	38,330
Restricted cash	2,415		2,415		2,415
Financial liabilities:
Secured debt, net	817,510		820,128		820,128