Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):


	June 30, 2026							December 31, 2025
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Derivative financial instruments		—		18,407			—		—		9,738			—
Liabilities
Derivative financial instruments		—		(323	)		—		—		(3,196	)		—

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (information is as of June 30, 2026, unless otherwise noted, and dollars in thousands):


					Strike Rate				Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	June 30, 2026			December 31, 2025
REIT Portfolio
Interest Rate Swaps	$	800,000	May 2022—Aug 2025	Jul 2027—Jul 2030	1.98%	—	3.61%	Other Assets	$	17,002		$	9,531
Interest Rate Swaps		102,000	Nov 2023	Nov 2026	4.50%	—	4.50%	Accounts payable and other liabilities		(258	)		(2,140	)
	$	902,000							$	16,744		$	7,391
Investment Management
Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other Assets	$	1,001		$	199

Fund V
Interest Rate Swaps	$	50,000	Jan 2023	May 2026—Dec 2027	3.36%	—	3.36%	Other Assets	$	404		$	8
Interest Rate Swap		32,200	Jun 2026	Jun 2029	3.95%	—	3.95%	Accounts payable and other liabilities		(65	)		(1,056	)
Interest Rate Cap		32,200	Sep 2025	Sep 2026	5.00%	—	5.00%	Other Assets		—			—
	$	114,400							$	339		$	(1,048	)

Total Asset Derivatives									$	18,407		$	9,738
Total Liability Derivatives									$	(323	)	$	(3,196	)

Schedule of Other Financial Instruments Carrying Values and Fair values

The carrying values and fair values of Company’s other financial assets and liabilities that are not measured at fair value on its Condensed Consolidated Balance Sheets are as follows as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):


			June 30, 2026				December 31, 2025
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Notes Receivable (a)		3	$	154,501	$	155,433	$	154,892	$	157,325
City Point Loan (f)		3		—		—		34,821		35,346
Mortgage and Other Notes Payable (a, d)		3		481,751		474,745		897,616		894,607
Investment in non-traded equity securities (b)		3		2,528		2,528		3,307		3,307
Unsecured notes payable and Unsecured line of credit (c, e)		2		1,170,573		1,171,644		975,750		981,271

(a)

The Company estimates the fair value of financial instruments using a discounted cash flow model. This model incorporates assumptions such as current market rates and, where applicable, the credit quality of the borrower or tenant. In addition, the Company evaluates the value of the underlying collateral, considering factors such as collateral quality, borrower creditworthiness, time to maturity, and prevailing market conditions. These fair value estimates exclude unamortized discounts and deferred loan costs. As of the reporting date, the estimated market interest rates used in the valuation ranged from 3.46% to 11.21% for the Company’s notes receivable and City Point Loan, and from 5.26% to 7.12% for the Company’s property mortgage loans and other notes payable, depending on the specific characteristics of each loan.

(b)

Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).

(c)

The Company estimates the fair value of its unsecured notes payable and unsecured line of credit using quoted market prices in active or brokered markets, when available. In instances where observable market prices are not available due to limited or no trading activity, the Company estimates fair value using a discounted cash flow model. This model incorporates a rate that reflects the average yield of comparable instruments issued by market participants with similar credit risk profiles.

(d)

Carrying amounts exclude unamortized debt issuance costs of $2.2 million and $4.6 million and unamortized premiums of $0.5 million and $0.9 million as of June 30, 2026 and December 31, 2025, respectively.

(e)

Carrying amounts exclude unamortized debt issuance costs of $13.6 million and $6.8 million as of June 30, 2026 and December 31, 2025, respectively.

(f)

The City Point Loan was repaid in June 2026 (Note 10).