Fair Value of Financial Instruments (Tables)
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9 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Instruments Not Carried at Fair Value |
The table below provides information regarding these financial instruments not carried at fair value in our condensed consolidated balance sheets as of June 30, 2026 and September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | As of September 30, 2025 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Loans held for investment (1) | | $ | — | | | $ | — | | | $ | 60,984 | | | $ | 61,989 | | Secured financing facility (1) | | $ | — | | | $ | — | | | $ | 44,586 | | | $ | 45,471 | | Mortgage notes payable (2) | | $ | 138,807 | | | $ | 139,119 | | | $ | 136,168 | | | $ | 137,076 | |
(1)The investment loans and associated secured financing facility were sold/terminated in November 2025. (2)Includes two floating rate mortgage notes with an aggregate carrying value of $93,169 that carry interest at a rate of SOFR plus a premium. The carrying values of these floating rate mortgage notes approximate their fair values.
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| Schedule of Assets and Liabilities Measured at Fair Value |
The following tables present our financial assets and liabilities that have been measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Total | | Level 1 | | Level 2 | | Level 3 | | | | Due from related parties related to equity based payment awards | | $ | 12,865 | | | $ | 12,865 | | | $ | — | | | $ | — | | | | | Investment in SEVN | | $ | 38,591 | | | $ | 38,591 | | | $ | — | | | $ | — | | | | | Investment in SVC | | $ | 70,417 | | | $ | 70,417 | | | $ | — | | | $ | — | | | | | Investment in OPI | | $ | 7,464 | | | $ | 7,464 | | | $ | — | | | $ | — | | | | | Investment in Fund VII | | $ | 2,106 | | | $ | — | | | $ | — | | | $ | 2,106 | | | | Investment in joint ventures | | $ | 17,622 | | | $ | — | | | $ | — | | | $ | 17,622 | | | | | Employer compensation liability related to equity based payment awards | | $ | 12,865 | | | $ | 12,865 | | | $ | — | | | $ | — | | | | | Interest rate caps | | $ | 2,356 | | | $ | — | | | $ | 2,356 | | | $ | — | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Due from related parties related to equity based payment awards | | $ | 15,797 | | | $ | 15,797 | | | $ | — | | | $ | — | | | Investment in SEVN | | $ | 17,610 | | | $ | 17,610 | | | $ | — | | | $ | — | | | Investment in Fund VII | | $ | 3,156 | | | $ | — | | | $ | — | | | $ | 3,156 | | | Investment in joint ventures | | $ | 11,134 | | | $ | — | | | $ | — | | | $ | 11,134 | | | Employer compensation liability related to equity based payment awards | | $ | 15,797 | | | $ | 15,797 | | | $ | — | | | $ | — | | | Interest rate caps | | $ | 1,758 | | | $ | — | | | $ | 1,758 | | | $ | — | | | Earnout liability | | $ | 3,639 | | | $ | — | | | $ | — | | | $ | 3,639 | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables present additional information about the valuation techniques and significant unobservable inputs for financial assets and liabilities that are measured at fair value and categorized within Level 3: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Fair Value | | Valuation Technique | | Unobservable Input | | Range | | Investment in Fund VII | $ | 2,106 | | | Discounted cash flow | | Discount rates | | 6.50% - 7.00% | | | | | | Exit capitalization rates | | 5.00% - 5.50% | | | | | | Holding period | | 10 years | Investment in joint ventures | $ | 17,622 | | | Discounted cash flow | | Exit capitalization rates | | 5.00% - 5.50% | | | | | | Holding period | | 3 - 5 years | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | Fair Value | | Valuation Technique | | Unobservable Input | | Range | | Investment in Fund VII | $ | 3,156 | | | Discounted cash flow | | Discount rates | | 6.50% - 7.00% | | | | | | Exit capitalization rates | | 5.00% - 5.50% | | | | | | Holding period | | 10 years | Investment in joint ventures | $ | 11,134 | | | Discounted cash flow | | Unlevered IRR | | 12.02% - 12.37% | | | | | | Exit capitalization rates | | 4.97% - 5.15% | | | | | | Holding period | | 3 years | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Earnout liability | $ | 3,639 | | | Monte Carlo | | Capital deployment volatility | | 15.00% | | | | | | Discount rate | | 5.84% |
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The tables below present a summary of the changes in fair value of our investment in Fund VII and Earnout liability measured on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Nine Months Ended June 30, | | Fund VII | | 2026 | | 2025 | | 2026 | | 2025 | Beginning balance | | $ | 2,517 | | | $ | 3,813 | | | $ | 3,156 | | | $ | — | | | Contributions, net of receivable | | — | | | — | | | 276 | | | — | | Changes in fair value for our investment in Fund VII | | (411) | | | (95) | | | (1,326) | | | 3,718 | | Ending balance | | $ | 2,106 | | | $ | 3,718 | | | $ | 2,106 | | | $ | 3,718 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Nine Months Ended June 30, | | Earnout Liability | | 2026 | | 2025 | | 2026 | | 2025 | Beginning balance | | $ | — | | | $ | 7,278 | | | $ | 3,639 | | | $ | 11,958 | | Changes in fair value for our Earnout liability | | — | | | (1,170) | | | (3,639) | | | (5,850) | | Ending balance | | $ | — | | | $ | 6,108 | | | $ | — | | | $ | 6,108 | |
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