v3.25.4
Fair Value Measurements and Disclosures
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Disclosures Fair Value Measurements and Disclosures
The only assets we record at fair value on a recurring basis in our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan (See Note 15 “Employee Benefit Plans” for additional information). The following table sets forth the fair value of our Deferred Compensation Plan:

Fair Value (Level 1) (1)
December 31, 2025December 31, 2024
Description(in thousands)
Deferred Compensation Plan assets (2)
$30,807 $27,965 
____________________
(1)Based on quoted prices in active markets for identical securities.
(2)The Deferred Compensation Plan assets are held in a limited rabbi trust.

Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the fair value of our other financial instruments: 

December 31, 2025December 31, 2024
Carrying Value
Fair Value
Carrying Value
Fair Value
(in thousands)
Liabilities
Secured debt, net$592,685 $587,244 $598,199 $569,061 
Unsecured debt, net$3,996,774 $3,834,485 $3,999,566 $3,681,914 

Fair value is calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.