FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Face Values, Carrying Amounts and Fair Values of Financial Instruments

The following are the face values, carrying amounts and fair values of the Company’s financial instruments whose carrying amounts do not approximate their fair value (in thousands):


	As of June 30, 2026						As of December 31, 2025
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	55,218	$	47,854	$	51,077	$	377,249	$	368,747	$	381,035
Preferred equity investments	67,012		67,224		68,105		65,171		65,353		66,858
Financial liabilities:
Senior Notes	1,250,000		1,236,940		1,168,554		1,250,000		1,235,726		1,180,495
Secured indebtedness	42,955		42,233		33,012		44,021		43,275		34,101

(1) Face value represents amounts contractually due under the terms of the respective agreements.

(2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.

Schedule of Fair Value of Financial Instruments

The Company determined the fair value of financial instruments as of June 30, 2026 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):


			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable	$	51,077	$	—	$	—	$	51,077
Preferred equity investments	68,105		—		—		68,105
Financial liabilities:
Senior Notes	1,168,554		—		1,168,554		—
Secured indebtedness	33,012		—		—		33,012

Schedule of Items Measured at Fair Value on a Recurring Basis

During the six months ended June 30, 2026, the Company recorded the following amounts measured at fair value (in thousands):


			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Financial assets:
Interest rate swaps	$	14,724	$	—	$	14,724	$	—