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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures, establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity's own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The Company's investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis.
December 31, 2025
Level 1Level 2Level 3Total
Assets
Investment in marketable securities$123 $— $— $123 
December 31, 2024
Level 1Level 2Level 3Total
Assets
Investment in marketable securities$122 $— $— $122 
Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore such assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate may not be recoverable.
During the year ended December 31, 2025, no impairment charges were recognized by the Company. During the year ended December 31, 2024, the Company recognized $2,201 of impairment charges related to Heritage Parkway. The impairment was the result of a reduction of the expected hold period, as the Company has agreed to preliminary terms to dispose of the investment. The fair value of such real estate investment at the time of impairment was $4,800, and was estimated based on offers for purchase received from independent third parties. As of December 31, 2024, Heritage Parkway had a carrying value of $4,778. On February 28, 2025, the Company sold Heritage Parkway for a gross sale price of $5,000. Also see Note 4.
The fair value of the Wells Fargo Line of Credit and mortgage loans payable is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate, property valuation and other assumptions that estimate current market conditions. The carrying amount of the Company's line of credit, exclusive of deferred financing costs, at December 31, 2025 and 2024 approximated its fair value of $78,300 and $75,514, respectively. The Company estimated the fair value of the Company's mortgage loans payable at $183,521 and $180,419 as of December 31, 2025 and 2024, respectively. If the valuation of the Company's properties as of December 31, 2025 were significantly lower, the market interest rate assumption would be higher (due to higher loan-to-value ratios) potentially resulting in a significantly lower estimated fair value for these liabilities.
The fair value of the Company's note to affiliate is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate and other assumptions that estimate current market conditions. The Company has estimated the fair value of its note to affiliate at approximately $4,200 and $4,380 as of December 31, 2025 and 2024, respectively. The estimated market interest rate is impacted by a number of factors. Material changes in those factors may cause a material change to the estimated market interest rate, thereby materially affecting the estimated fair value of the note to affiliate. The Company has estimated the fair value of the note to affiliate in the middle of the range of reasonably estimable values.
The following shows certain information about the estimated fair value and the unobservable inputs for the Company's debt obligations as of December 31, 2025 and 2024.
Range
Fair Value at December 31, 2025Primary Valuation TechniquesSignificant Unobservable InputsMinimumMaximumWeighted Average
Line of Credit$78,300 Discounted cash flowLoan to value53.6 %53.6 %53.6 %
Market interest rate6.27 %6.27 %6.27 %
Mortgage Loans Payable183,521 Discounted cash flowLoan to value48.5 %67.2 %59.0 %
Market interest rate3.89 %6.56 %5.66 %
Note to Affiliate4,200 Discounted cash flowMarket interest rate6.75 %6.75 %6.75 %
Range
Fair Value at December 31, 2024Primary Valuation TechniquesSignificant Unobservable InputsMinimumMaximumWeighted Average
Line of Credit$75,514 Discounted cash flowLoan to value44.7 %44.7 %44.7 %
Market interest rate6.93 %6.93 %6.93 %
Mortgage Loans Payable180,419 Discounted cash flowLoan to value49.9 %61.9 %57.8 %
Market interest rate6.17 %6.45 %6.34 %
Note to Affiliate4,380 Discounted cash flowMarket interest rate6.75 %6.75 %6.75 %
The Company's financial instruments, other than those referred to above, are generally short-term in nature and contain minimal credit risk. These instruments consist of cash and cash equivalents, accounts and other receivables
and accounts payable. The carrying amounts of these assets and liabilities in the consolidated balance sheets approximate their fair value.