
	At June 30, 2026				At December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Life science investments(1)	$	98,284	$	98,284	$	96,908	$	96,908
Seller Financed Note(2)	$	49,000	$	49,000	$	—	$	—
Construction Loan(3)	$	22,800	$	30,111	$	22,800	$	29,997
Investments as cash equivalents(4)	$	—	$	—	$	158	$	158
Notes receivable(5)	$	16,786	$	16,786	$	16,786	$	16,786

Notes due 2026(6)	$	—	$	—	$	290,602	$	288,644
Exchangeable Notes(7)	$	391,163	$	428,373	$	—	$	—
Term Loans(8)	$	125,370	$	125,370	$	—	$	—
Revolving Credit Facility(9)	$	—	$	—	$	27,500	$	27,500
IIP Life Science Credit Facility(10)	$	92,500	$	92,500	$	75,000	$	75,000

(1)Excludes $177.6 million and $55.8 million as of June 30, 2026 and December 31, 2025, respectively, of investments in the IQHQ Preferred Stock and IQHQ Warrant which are carried at cost under the measurement alternative of ASC 321, Investments - Equity Securities. The remaining balance relates to our investment in the IQHQ Credit Facility. The fair value was determined based on Level 3 inputs and was valued using a yield analysis, which is typically performed for non-credit impaired loans. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. At June 30, 2026 and December 31, 2025, the expected market yield used to determine fair values were 16.6% and 16.8%, respectively.

(2)The fair value of the Seller-Financed note was determined based on Level 3 inputs and was also valued using a yield analysis. At June 30, 2026, the expected market yield used to determine fair value was 18.1%.

(3)The fair value of the Construction Loan receivable was determined based on Level 3 inputs and was also valued using a yield analysis. At each of June 30, 2026 and December 31, 2025, the expected market yield used to determine fair value was 16.25%.

(4)Investments as cash equivalents include obligations of the U.S. government with an original maturity at the time of purchase of 90 days or less are classified as held-to-maturity, stated at amortized cost and valued using Level 1 inputs. Investments as cash equivalents also include investments in a money market fund that invests 100% in U.S. government securities, which is stated at cost and valued using Level 1 inputs.

(5)Notes receivable relate to certain acquisitions of real estate which did not satisfy the requirements for sale-leaseback accounting (see Note 6 “Investments in Real Estate” to our consolidated financial statements for more information). The fair values of the notes receivable were determined based on Level 3 inputs and were also valued using yield analysis. At June 30, 2026 and December 31, 2025, the weighted average expected market yields used to determine fair values were 33.0% and 26.5%, respectively.

(8)The fair values of the term loans were determined based on Level 3 inputs and were valued using a discounted cash flow analysis. As of June 30, 2026, the weighted average discount rate used to estimate the fair value of the term loans was 9.7%.

(9)The fair value of the Revolving Credit Facility was determined based on Level 2 inputs and was valued using a discounted cash flow analysis based on significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings.

(10)The fair value of the IIP Life Science Credit Facility was determined based on Level 2 inputs and was also valued using a discounted cash flow analysis based on significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings.