v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company is required to disclose fair value information about all financial instruments, for which it is practicable to estimate fair value, whether or not recognized in the consolidated balance sheets. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) “significant other observable inputs,” and (iii) “significant unobservable inputs.” “Significant other observable inputs” can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. “Significant unobservable inputs” are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs 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 of 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. There were no transfers between the levels in the fair value hierarchy during the three months ended March 31, 2026 and 2025.
Recurring Measurements
The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2026 and December 31, 2025:
Assets/(Liabilities)Total Fair ValueQuoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable InputsSignificant Unobservable Inputs
March 31, 2026
Mutual Funds Asset$10,563 $10,563 $— $— 
Interest Rate Swap Liability $(509)$— $(509)$— 
December 31, 2025
Mutual Funds Asset$10,941 $10,941 $— $— 
Interest Rate Swap Liability $(2,444)$— $(2,444)$— 
Financial Instruments at Fair Value
Financial instruments as of March 31, 2026 and December 31, 2025 consisted of cash and cash equivalents, restricted cash, accounts receivable, notes receivable, accrued expenses and other liabilities, and consolidated debt, as defined in Note 4, Debt. With the exception of the secured debt in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of March 31, 2026 and December 31, 2025.
The fair value of the secured debt in the table below is estimated by discounting each loan’s principal balance over the remaining term of the loan using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the secured debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt.
 March 31, 2026December 31, 2025
 Fair Value
Carrying Value (1)
Fair Value
Carrying Value (1)
BOA II Loan
$87,485 $90,610 $87,474 $90,610 
Florida Mortgage Loan47,592 49,604 47,910 49,604 
Georgia Mortgage Loan37,131 37,722 37,318 37,722 
Illinois Mortgage Loan23,245 23,000 23,390 23,000 
Total Secured Debt$195,453 $200,936 $196,092 $200,936 
(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of March 31, 2026 and December 31, 2025. See Note 4, Debt, for details.