As of June 30, 2025 and December 31, 2024, all financial instruments and liabilities were reflected in our condensed consolidated balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:


	June 30, 2025						December 31, 2024
	Estimated fair value			Carrying value			Estimated fair value			Carrying value
Investments in real estate debt, net	$	75,743		$	74,424		$	75,660		$	74,217
Secured debt, net		(455,900	)		(452,627	)		(108,342	)		(108,359	)

The fair values of our investment in real estate debt and secured debt were determined in accordance with ASC Topic 820, “Fair Value Measurement” using level 3 inputs within the fair value hierarchy. Level 3 inputs are defined as unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Due to inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

The fair value of the investment in real estate debt is determined by discounting the future contractual cash flows to the present value using a current market interest rate or spread. The market rate is determined through consideration of the interest rates for debt of comparable quality and maturity, and, where applicable, the value of the underlying real estate investment. The fair value of the secured debt is calculated based on the net present value of payments over the term of the arrangements using estimated market rates for similar debt arrangements and remaining terms.