v3.25.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table summarizes the Company’s derivative instruments as of March 31, 2025 and December 31, 2024:
Fair Value Assets (Liabilities)
Underlying Debt InstrumentType of InstrumentAccounting PolicyNotional AmountEffective DateMaturity
Date		Interest RateMarch 31, 2025December 31, 2024
1918 EighthSwapCash flow hedge$172,865 February 2023October 20253.75%$338 $524 
1918 EighthCap
Partial cash flow hedge(1)
$314,300 June 2023December 20255.00%9 62 
1918 Eighth
Sold cap(2)
Mark-to-market$172,865 June 2023December 20255.00%(5)(34)
Hollywood Media Portfolio CMBSSwapCash flow hedge$351,186 August 2023June 20263.31%2,185 3,663 
Hollywood Media Portfolio CMBSSwapCash flow hedge$180,000 February 2024August 20264.13%(791)(267)
Hollywood Media Portfolio CMBSCap
Partial cash flow hedge(1)
$1,100,000 August 2024August 20256.01%— 4 
Hollywood Media Portfolio CMBS
Sold cap(2)
Mark-to-market$561,000 August 2024August 20256.01%— (2)
Sunset Glenoaks StudiosCapCash flow hedge$100,600 January 2025January 20264.50%19 72 
Office Portfolio CMBSCapMark-to-market$475,000 March 2025April 20274.96%542 — 
Office Portfolio CMBS
Sold cap(2)
Mark-to-market$475,000 March 2025April 20274.96%(541)— 
TOTAL$1,756 $4,022 
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1.$141,435 and $539,000 of the notional amounts of the 1918 Eighth and Hollywood Media Portfolio CMBS caps, respectively, have been designated as effective cash flow hedges for accounting purposes. The remainder of each is accounted for under mark-to-market accounting.
2.The sold caps serve to offset the changes in fair value of the portions of the 1918 Eighth and Hollywood Media Portfolio CMBS caps that are not designated as cash flow hedges for accounting purposes, as well as the change in fair value of the full Office Portfolio CMBS cap, which is not designated as a cash flow hedge for accounting purposes.