| Schedule of Estimated Fair Values of Financial Instruments |
Fair Value Measurements on a Recurring Basis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Balance Sheet Location | Total | | Level 1 | | Level 2 | | Level 3 | | June 30, 2025 | | | | | | | | | | Assets | | | | | | | | | | Real estate related notes receivable | Other assets | $ | 27,238 | | | — | | | — | | | $ | 27,238 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | Assets | | | | | | | | | | Real estate related notes receivable | Other assets | $ | 25,092 | | | — | | | — | | | $ | 25,092 | | | | | | | | | | | | | | | | | | | |
The estimated fair values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024, respectively, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | June 30, 2025 | | December 31, 2024 | | Balance Sheet Location | Amount | | Fair Value | | Amount | | Fair Value | | FINANCIAL ASSETS | | | | | | | | | | Cash and cash equivalents | Cash and cash equivalents | $ | 12,378 | | | $ | 12,378 | | | $ | 12,030 | | | $ | 12,030 | | | Restricted cash | Restricted cash | $ | 5,815 | | | $ | 5,815 | | | $ | 1,099 | | | $ | 1,099 | | | | | | | | | | | | FINANCIAL LIABILITIES | | | | | | | | | | Revolving lines of credit | Revolving lines of credit | $ | 216,030 | | | $ | 216,030 | | | $ | 47,359 | | | $ | 47,359 | | | | | | | | | | | Unsecured senior notes(1) | Notes payable | $ | 300,000 | | | $ | 262,009 | | | $ | 300,000 | | | $ | 253,808 | | | Mortgages payable - Fannie Mae credit facility | Mortgages payable | $ | 198,850 | | | $ | 173,170 | | | $ | 198,850 | | | $ | 166,679 | | Mortgages payable - other(1) | Mortgages payable | $ | 406,412 | | | $ | 382,320 | | | $ | 420,414 | | | $ | 383,213 | |
(1)Excludes deferred financing costs, debt premiums, and discounts
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| Schedule of Changes in Fair Value Receivables |
Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations and Comprehensive Loss. | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Fair Value Measurement | | Other Gains | | Interest Income | | Total Changes in Fair Value Included in Current-Period Earnings | | Six months ended June 30, 2025 | | | | | | | | | Real estate related notes receivable | $ | 27,238 | | | $ | 18 | | | $ | 1,092 | | | $ | 1,110 | | | Six months ended June 30, 2024 | | | | | | | | | Real estate related notes receivable | $ | 20,311 | | | $ | 10 | | | $ | 563 | | | $ | 573 | |
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