The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2025 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	54	$	—	$	54
Common stock		57,278		—		120,690		177,968
Convertible notes		—		—		11,994		11,994
LLC interest		—		—		54,488		54,488
LP interest		—		56,558		147,172		203,730
Preferred Shares		—		—		73,388		73,388
Rights and warrants		—		—		4		4
Senior loan		—		58		46,926		46,984
	$	57,278	$	56,670	$	454,662	$	568,610

The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2024 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	62	$	—	$	62
Common stock		46,436		—		157,828		204,264
Convertible notes		—		—		20,846		20,846
LLC interest		—		—		36,777		36,777
LP interest		—		76,396		189,659		266,055
Preferred Shares		—		—		69,895		69,895
Rights and warrants		—		1,788		—		1,788
Senior loan		—		52		43,693		43,745
	$	46,436	$	78,298	$	518,698	$	643,432

The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the year ended December 31, 2025 (in thousands):


	December 31, 2024		Contributions/ purchases		Paid in-kind dividends		Transfer Into (Out of) Level 3		Redemptions/ conversions			Realized gain/ (loss)		Unrealized gain/ (loss)			December 31, 2025
Common stock	$	157,828	$	1,857	$	—	$	—	$	(3,687	)	$	1,511	$	(36,819	)	$	120,690
Convertible notes		20,846		—		—		—		(9,194	)		—		342			11,994
LLC interest		36,777		25,238		2,184		—		(3,996	)		3,344		(9,059	)		54,488
LP interest		189,659		2,660		—		—		—			—		(45,147	)		147,172
Preferred Shares		69,895		—		5,743		—		(2,250	)		—		—			73,388
Rights and warrants		—		—		—		4		—			—		—			4
Senior loan		43,693		—		5,194		—		(1,649	)		2		(314	)		46,926
Total	$	518,698	$	29,755	$	13,121	$	4	$	(20,776	)	$	4,857	$	(90,997	)	$	454,662


	December 31, 2023		Contributions/ purchases		Paid in-kind dividends		Transfer Into (Out of) Level 3		Investments (Eliminated) Acquired Through Consolidation (1)			Redemptions /conversions			Return of capital			Realized gain/ (loss)			Unrealized gain/(loss)			December 31, 2024
CLO	$	1,215	$	—	$	—	$	—	$	—		$	—		$	(1,266	)	$	(22,735	)	$	22,786		$	—
Common stock		176,256		904		—		—		(7,757	)		—			—			—			(11,575	)		157,828
Convertible notes		42,251		—		—		—		(21,129	)		—			—			—			(276	)		20,846
LLC interest		39,399		742		—		—		—			—			—			—			(3,364	)		36,777
LP interest		195,898		5,459		—		—		—			—			—			—			(11,698	)		189,659
Preferred Shares		66,268		—		5,327		—		—			(1,700	)		—			—			—			69,895
Rights and warrants		—		—		—		—		—			—			—			—			—			—
Senior loan		46,353		7,282		4,350		—		—			(14,902	)		—			633			(23	)		43,693
Total	$	567,640	$	14,387	$	9,677	$	—	$	(28,886	)	$	(16,602	)	$	(1,266	)	$	(22,102	)	$	(4,150	)	$	518,698

(1)

As a result of the NHT consolidation, certain investments were eliminated or acquired.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2025.


		Significant
Category	Valuation Technique	Unobservable Inputs	Input/Range Values		Fair Value
Common Stock	Market Approach	Unadjusted Price/MHz-PoP	$0.10 - $1.10 ($0.565)		$	120,690
	Discounted Cash Flow	Discount Rate	7.00% - 14.00 % (9.50%)
		Market Rent (per sqft)	$13.00 - $42.50 ($27.75)
	NAV Approach	Discount Rate	10.00%
		NAV per Share	$	4.18
	Multiples Analysis	Multiple of EBITDA	3.50x - 4.75x (4.125x)
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)	$	1,211.00

Convertible Notes	Discounted Cash Flow	Discount Rate	6.08% - 8.08% (7.08%)			11,994

LLC Interest	Discounted Cash Flow	Discount Rate	7.00% - 27.00% (12.75%)			54,488
		Market Rent (per sqft)	$13.00 - $42.50 ($27.75)
		Capitalization Rate	5.375%

LP Interest	Market Approach	Capitalization Rate	5.50% - 6.00% (5.75%)			147,172
		Terminal Capitalization Rate	6.09%
	NAV Approach	Discount Rate	5.00% - 10.00% (7.50%)
		NAV per Share	4.50% - 5.00% (4.75%)

Preferred Shares	Liquidation Analysis	Par	$	1,000.00		73,388

Rights and Warrants		Price per Share	$	0.08		4

Senior Loan	Discounted Cash Flow	Discount Rate	12.50% - 17.50% (14.13%)			46,926

Total					$	454,662

The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2024.


Category	Valuation Technique	Unobservable Inputs	Input/Range Values		Fair Value
Common Stock	Market Approach	Unadjusted Price/MHz-PoP	$0.10-$0.90($0.48)		$	157,828
	Discounted Cash Flow	Discount Rate	7.00% - 14.50 % (9.63%)
		Market Rent (per sqft)	$13.00-$42.50($27.75)
	NAV Approach	Discount Rate	10.0%
		NAV per Share	$	12.75
	Multiples Analysis	Multiple of EBITDA	3.00x - 4.25x (3.63x)
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)	$	1,149.00
		N/A	$25.31-$28.00($26.66)
		Discount to NAV	(30.00)% - (20.00%) (25.00%)
		Offer Price per Share	$	4.27

Convertible Notes	Discounted Cash Flow	Discount Rate	6.08% - 8.08% (7.08%)			20,846

LLC Interest	Discounted Cash Flow	Discount Rate	7.00% - 26.00% (12.50%)			36,777
		Market Rent (per sqft)	$13.00-$42.50($27.75)

LP Interest	Direct Capitalization Approach	Capitalization Rate	5.25% - 5.50% (5.38%)			189,659
	Market Approach	Discount to NAV	(7.5)%
	Recent Transaction	Price per Share	$	16.41

Preferred Shares	Liquidation Analysis	Par	$	1,000.00		69,895



Senior Loan	Discounted Cash Flow	Discount Rate	13.30% - 26.00% (19.65%)			43,693

Total					$	518,698

At December 31, 2025 and 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accrued interest and dividends, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, income tax payable, security deposits and prepaid rent approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts.

In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Long-term indebtedness is carried at amounts that reasonably approximate their fair value at December 31, 2025 and 2024, except for the following debt (in thousands):

Redeemable noncontrolling interests in the OP and the 9.00% Series B Cumulative Redeemable Preferred Shares, par value $0.001 per share, liquidation preference $25.00 per share (the "Series B Preferred Shares"), have redemption features and are marked to their redemption value if such value exceeds the carrying value. The redemption values are based on the liquidation preference of the Series B Preferred Shares, less non-contingent redemption fees. The non-contingent fees reduce the amount of cash the Company would be required to pay upon redemption. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, the redeemable noncontrolling interests in the OP and the Series B Preferred Shares are classified as Level 2 if they are adjusted to their redemption value. The redemption value of the redeemable noncontrolling interests in the OP is based on the fair value of the Company's common stock at the redemption date, and therefore, is calculated based on the fair value of the Company's common stock at the balance sheet date. As of December 31, 2025, the redemption value of the redeemable noncontrolling interests in the OP and the Series B Preferred Shares was less than the carrying value on the Consolidated Balance Sheets.

The Company manages interest rate risks primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments.

The Company performs market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The Hospitality segment has an interest rate cap agreement related to the notes payable on the Park City and Bradenton properties. As of December 31, 2025 and 2024, the interest rate cap agreements effectively cap one-month SOFR on $38.6 million and $37.9 million, respectively, of the Hospitality segment's floating rate mortgage and mezzanine indebtedness at a weighted average rate of 6.70%.

To comply with the provisions of ASC 820, Fair Value Measurement, the Hospitality segment incorporates credit valuation adjustments to reflect counterparty nonperformance risk in the fair value measurements of its derivative instruments, as the Hospitality segment’s derivatives were in an asset position as of December 31, 2025 and 2024. Although the majority of the inputs used to value the Hospitality segment’s derivatives fall within Level 2 of the fair value hierarchy, any credit valuation adjustments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the counterparties. The Company has determined that the impact of any such credit valuation adjustments, based on the fair value of each individual contract, was not significant to the overall valuation. In addition, for certain derivative instruments, such as interest rate caps, the Hospitality segment has no ongoing performance obligation, and therefore no

credit valuation adjustment is required. As a result, all of the Hospitality segment’s derivatives held as of December 31, 2025 and 2024 were classified as Level 2 of the fair value hierarchy.

Changes in fair value of the interest rate caps are recorded directly as interest expense on the Consolidated Statement of Operations and Comprehensive Income (Loss). For the years ended December 31, 2025 and 2024, the Company recorded $(27.2) thousand and $(27.1) thousand, respectively, in interest expense related to changes in the fair value of interest rate caps. The combined fair value of the interest rate caps is $0.1 million as of December 31, 2025 and $0.2 million, as of December 31, 2024, and is recorded as interest rate caps in the Consolidated Balance Sheets.