| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables detail our financial instruments measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | Fair Value Measurements Using: | | | | $ in thousands | Level 1 | | Level 2 | | Level 3 | | Total at Fair Value | | Assets: | | | | | | | | | Commercial real estate loan investments | $ | — | | | $ | — | | | $ | 5,200,218 | | | $ | 5,200,218 | | | Real estate-related securities | — | | | 17,222 | | | — | | | 17,222 | | | Derivative assets | — | | | 3,134 | | | — | | | 3,134 | | | Total assets | $ | — | | | $ | 20,356 | | | $ | 5,200,218 | | | $ | 5,220,574 | | | | | | | | | | | Liabilities: | | | | | | | | | Secured lending agreements | $ | — | | | $ | — | | | $ | 2,820,938 | | | $ | 2,820,938 | | | Term lending agreements | — | | | — | | | 223,397 | | | 223,397 | | | Revolving credit facility | — | | | — | | | 16,000 | | | 16,000 | | | Collateralized loan obligations | — | | | 1,004,858 | | | — | | | 1,004,858 | | | Derivative liabilities | — | | | 838 | | | — | | | 838 | | | Total liabilities | $ | — | | | $ | 1,005,696 | | | $ | 3,060,335 | | | $ | 4,066,031 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Fair Value Measurements Using: | | | | $ in thousands | Level 1 | | Level 2 | | Level 3 | | Total at Fair Value | | Assets: | | | | | | | | | Commercial real estate loan investments | $ | — | | | $ | — | | | $ | 4,702,728 | | | $ | 4,702,728 | | | Real estate-related securities | — | | | 14,818 | | | — | | | 14,818 | | | Derivative assets | — | | | 615 | | | — | | | 615 | | | Total assets | $ | — | | | $ | 15,433 | | | $ | 4,702,728 | | | $ | 4,718,161 | | | | | | | | | | | Liabilities: | | | | | | | | | Secured lending agreements | $ | — | | | $ | — | | | $ | 2,359,543 | | | $ | 2,359,543 | | | Term lending agreements | — | | | — | | | 223,033 | | | 223,033 | | | Revolving credit facility | — | | | — | | | 55,000 | | | 55,000 | | | Collateralized loan obligations | — | | | 1,005,157 | | | — | | | 1,005,157 | | | Derivative liabilities | — | | | 1,992 | | | — | | | 1,992 | | | Total liabilities | $ | — | | | $ | 1,007,149 | | | $ | 2,637,576 | | | $ | 3,644,725 | |
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| Schedule Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments classified as Level 3: | | | | | | | | | | | $ in thousands | Three Months Ended March 31, 2026 | | | | | | Beginning Balance | $ | 4,702,728 | | | | | | | | | | | | | Loan originations and fundings | 595,601 | | | | | | | Loan principal payments | (81,880) | | | | | | | Net unrealized gain (loss) | (602) | | | | | | | Foreign currency adjustments | (15,629) | | | | | | | Ending Balance | $ | 5,200,218 | | | | | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables summarize the significant unobservable inputs supporting the fair value measurement of our investments in commercial loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | March 31, 2026 | | Type | | Fair Value(2) | | Valuation Technique | | Unobservable Input | | Weighted Average Rate(2) | | Range | | Weighted Average Life (years)(1)(2) | | Commercial loans | | $ | 4,093,348 | | | Discounted cash flow | | Discount rate | | 6.23% | | 5.15% - 11.32% | | 0.25 |
(1)Based on expected cash flows and potential prepayments. (2)Includes $4.0 billion of loans held outside of the CLO and $80.7 million of loans held by the consolidated CLO. Loans of $1.1 billion held by the CLO are valued using the more observable fair value of the notes issued by the CLO. However, because the Company’s $80.7 million of retained income notes issued by the CLO are valued using a discounted cash flow model, we are required to classify all loans held by the CLO as Level 3 based on the lowest-level input used in the valuation. Weighted average rate and weighted average life include the Company’s loans held outside the CLO and retained income notes issued by the CLO. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | December 31, 2025 | | Type | | Fair Value(2) | | Valuation Technique | | Unobservable Input | | Weighted Average Rate(2) | | Range | | Weighted Average Life (years)(1)(2) | | Commercial loans | | $ | 3,558,722 | | | Discounted cash flow | | Discount rate | | 6.36% | | 5.14% - 11.44% | | 0.31 |
(1)Based on expected cash flows and potential prepayments. (2)Includes $3.5 billion of loans held outside of the CLO and $80.7 million of loans held by the consolidated CLO. Loans of $1.1 billion held by the CLO are valued using the more observable fair value of the notes issued by the CLO. However, because the Company’s $80.7 million of retained income notes issued by the CLO are valued using a discounted cash flow model, we are required to classify all loans held by the CLO as Level 3 based on the lowest-level input used in the valuation. Weighted average rate and weighted average life include the Company’s loans held outside the CLO and retained income notes issued by the CLO. The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Type | | Valuation Technique | | Unobservable Input | | Weighted Average Rate | | Range | | Weighted Average Life (years)(1) | | Secured financing facilities | | Discounted cash flow | | Discount rate | | 5.18% | | 4.13% - 5.92% | | 0.22 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Type | | Valuation Technique | | Unobservable Input | | Weighted Average Rate | | Range | | Weighted Average Life (years)(1) | | Secured financing facilities | | Discounted cash flow | | Discount rate | | 5.29% | | 4.12% - 6.04% | | 0.28 |
(1)Based on expected cash flows and potential prepayments.
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility: | | | | | | | | | $ in thousands | Three Months Ended March 31, 2026 | | | | Beginning Balance | $ | 55,000 | | | | | Proceeds from revolving credit facility | 220,000 | | | | | Repayment of revolving credit facility | (259,000) | | | | | Net unrealized (gain) loss | — | | | | | Ending Balance | $ | 16,000 | | | |
| | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | $ in thousands | Secured Lending Agreements | | Term Lending Agreements | | Total | | Beginning Balance | $ | 2,359,543 | | | $ | 223,033 | | | $ | 2,582,576 | | | Proceeds from secured financing facilities | 506,127 | | | 370 | | | 506,497 | | | Repayments of secured financing facilities | (34,596) | | | — | | | (34,596) | | | Net unrealized (gain) loss | (237) | | | (6) | | | (243) | | | Unrealized foreign currency (gain) loss | (9,899) | | | — | | | (9,899) | | | Ending Balance | $ | 2,820,938 | | | $ | 223,397 | | | $ | 3,044,335 | |
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