v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
A summary of the carrying amounts and fair values of financial instruments that are not reported at their fair values on our condensed consolidated balance sheets are as follows ($ in thousands):

Carrying AmountsFair Values
June 30,December 31,June 30,December 31,
2025202420252024
Level 2:
Variable rate debt$573,258 $525,177 $578,000 $531,200 
Fixed rate debt545,577 620,864 490,511 548,339 
Level 3:
Mortgage and other notes receivable, net252,939 268,926 248,610 261,708 

Fixed Rate Debt - Fixed rate debt is classified as a Level 2 measurement and the fair values of these debt instruments are based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets.

Variable Rate Debt - Variable rate debt is classified as a Level 2 measurement and the fair values of our borrowings under our Credit Facility and term loan are estimated at their notional amounts due to the predominance of floating interest rates, which generally reflect market conditions.

Mortgages and Other Notes Receivable - Mortgage and other notes receivable are classified as Level 3 measurements and the fair values are estimated based on credit risk and discount rates that are not observable in the marketplace.

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses on our condensed consolidated balance sheets approximate their fair values due to the short-term nature of these financial instruments that are classified as Level 1 measurements as of June 30, 2025 and December 31, 2024.