The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheet are reported below:


		June 30, 2025				December 31, 2024
(In thousands)	Level	Gross Principal Balance		Fair Value		Gross Principal Balance		Fair Value
Mortgage note payable — 1140 Avenue of the Americas (1)	3	$	99,000	$	60,521	$	99,000	$	69,238
Mortgage note payable — 123 William Street	3	140,000		135,086		140,000		132,474
Mortgage note payable — 400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage(2)	3	50,000		28,239		50,000		31,671
Mortgage note payable — 8713 Fifth Avenue	3	10,000		9,446		10,000		9,181
Mortgage note payable — 196 Orchard Street	3	51,000		46,513		51,000		44,896
Total		$	350,000	$	279,805	$	350,000	$	287,460

(1)The Company recorded impairment charges of $7.1 million during the three months ended June 30, 2025 and $66.1 million during the year ended December 31, 2024 for its 1140 Avenues of the Americas property. As a result, the Company adjusted the fair value of the property’s mortgage to the current carrying value of the property.

(2)The Company recorded impairment charges of $3.1 million and $9.9 million during the three months ended June 30, 2025 for its 400 E. 67th Street and 200 Riverside properties, respectively, and $25.8 million during the year ended December 31, 2024 for its 400 E. 67th Street property. As a result, the Company adjusted the fair value of the 400 E. 67th Street/200 Riverside allocable mortgage balance to the property's current carrying value.

As of June 30, 2025, the Company recognized impairments on the 1140 Avenue of the Americas, 400 East 67th Street, 200 Riverside, and 196 Orchard Street properties based on the Company’s estimates of fair value. The fair value of the 1140 Avenue of the Americas, 400 East 67th Street, and 196 Orchard Street properties was determined using discounted cash flow models, while the fair value of the 200 Riverside property was determined using a sales comparison approach. The significant assumptions used in the valuation models included a capitalization rate of 7.0% and a discount rate of 8.5% for each property.