Fair Values (Tables)

6 Months Ended

Jun. 30, 2026

Fair Values

Schedule of assets and liabilities recorded at fair value on a recurring basis

The following fair value hierarchy table summarizes the Company’s assets recorded at fair value on a recurring basis by the above categories as of June 30, 2026 and December 31, 2025 ($ in thousands):


		Fair Value Using
					Quoted
					market			Significant
					prices in			other			Significant
					active			observable			unobservable
					markets			inputs			inputs
		Total			(Level 1)			(Level 2)			(Level 3)
As of June 30, 2026
Available-for-sale debt securities⁽¹⁾		$	46,080		$	—		$	—		$	46,080
Other investments (refer to Note 7)			212,306			212,306			—			—

As of December 31, 2025
Available-for-sale debt securities⁽¹⁾		$	25,286		$	—		$	—		$	25,286
Other investments (refer to Note 7)			185,125			185,125			—			—

(1)	The fair value of the Company’s available-for-sale debt securities are based upon unadjusted third-party broker quotes and are classified as Level 3.

Summary of changes in Level 3 available-for-sale securities reported at fair value

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the six months ended June 30, 2026 and 2025 ($ in thousands):


		Six Months Ended June 30,
		2026			2025
Beginning balance		$	25,286		$	15,376
Repayments			(250)			(45)
Purchases			20,285			—
Unrealized gain (loss) recorded in other comprehensive income (loss)			759			(1,091)
Ending balance		$	46,080		$	14,240

Schedule of carrying value and fair value of financial instruments

Fair values of financial instruments—The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions):


		As of June 30, 2026						As of December 31, 2025
		Carrying			Fair			Carrying			Fair
		Value			Value			Value			Value
Assets
Loans receivable and other lending investments, net⁽¹⁾		$	62		$	61		$	44		$	43
Cash⁽²⁾			35			35			50			50
Restricted cash⁽²⁾			18			18			17			17

Liabilities
Debt obligations, net⁽¹⁾			209			213			269			272

(1)	The fair value of the Company’s loans receivable and other lending investments, net and debt obligations are classified as Level 3 within the fair value hierarchy.

(2)

The Company determined the carrying values of its cash and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s balance sheet. The fair value of the Company’s cash and restricted cash are classified as Level 1 within the fair value hierarchy.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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