Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:


		June 30, 2025								December 31, 2024
(in thousands)		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Financial assets:
Notes receivable		$	31,650				31,723			$	31,790				31,755
Financial liabilities:
Notes payable, net		$	4,769,182				4,658,270			$	4,343,700				4,141,096
Unsecured credit facilities (1)		$	30,000				30,000			$	65,000				65,000

(1)

The carrying amounts approximated its fair values due to the variable nature of the terms.

Schedule of Net Investment Income Consolidated Statements of Operations

Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:


(in thousands)		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
Unrealized Gain (Loss)			62				703				(2,385	)			3,134

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements as of June 30, 2025
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
(in thousands)	Balance				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities	$	126,217				36,217				90,000				—
Available-for-sale debt securities		11,870				—				11,870				—
Interest rate derivatives		8,402				—				8,402				—
Total	$	146,489				36,217				110,272				—
Liabilities:
Interest rate derivatives	$	(1,735	)			—				(1,735	)			—


	Fair Value Measurements as of December 31, 2024
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
(in thousands)	Balance				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities	$	39,419				39,419				—				—
Available-for-sale debt securities		12,401				—				12,401				—
Interest rate derivatives		12,781				—				12,781				—
Total	$	64,601				39,419				25,182				—
Liabilities:
Interest rate derivatives	$	(423	)			—				(423	)			—