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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows ($ in thousands):


	June 30, 2024
	Carrying		Unpaid Principal				Fair Value Hierarchy Level
	Value		Balance		Fair Value		Level 1		Level 2		Level 3
Loans receivable held-for-investment, net	$	6,709,517	$	6,928,274	$	6,688,243	$	-	$	-	$	6,688,243
Repurchase agreements		3,620,694		3,620,694		3,620,694		-		-		3,620,694
Term participation facility		370,193		370,193		370,677		-		-		370,677
Loan participations sold, net		100,759		100,634		100,297		-		-		100,297
Notes payable, net		244,018		247,027		244,781		-		-		244,781
Secured term loan, net		711,177		721,638		664,809		-		-		664,809
Debt related to real estate owned, net		278,600		280,000		278,318		-		-		278,318


	December 31, 2023
	Carrying		Unpaid Principal				Fair Value Hierarchy Level
	Value		Balance		Fair Value		Level 1		Level 2		Level 3
Loans receivable held-for-investment, net	$	6,877,425	$	7,044,524	$	6,875,377	$	-	$	-	$	6,875,377
Loans receivable held-for-sale		261,709		264,065		261,709		-		-		261,709
Repurchase agreements		3,805,678		3,805,678		3,805,678		-		-		3,805,678
Term participation facility		465,434		465,434		463,010		-		-		463,010
Loan participations sold, net		120,508		120,634		120,000		-		-		120,000
Notes payable, net		283,341		286,827		284,904		-		-		284,904
Secured term loan, net		712,576		725,452		694,620		-		-		694,620
Debt related to real estate owned, net		289,913		290,000		289,422		-		-		289,422