v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table summarizes the Company’s derivative instruments as of June 30, 2026 and December 31, 2025:
Fair Value Assets (Liabilities)
Underlying Debt InstrumentType of Instrument
Accounting Policy(1)
Notional AmountEffective DateMaturity
Date		Interest RateJune 30, 2026December 31, 2025
Hollywood Media Portfolio CMBSSwapCash flow hedge$351,186 August 2023
August 2026(2)
3.53%53 430 
Hollywood Media Portfolio CMBSSwapCash flow hedge$180,000 February 2024August 20264.13%(96)(660)
Hollywood Media Portfolio CMBSCap
Partial cash flow hedge(3)
$1,100,000 August 2025August 20264.95%— — 
Hollywood Media Portfolio CMBS
Sold cap(4)
Mark-to-market$561,000 August 2025August 20264.95%— — 
Office Portfolio CMBSCapMark-to-market$475,000 March 2025April 20274.96%97 14 
Office Portfolio CMBS
Sold cap(4)
Mark-to-market$475,000 March 2025April 20274.96%(97)(14)
Office Portfolio CMBS(5)
CapCash flow hedge$6,250 December 2025February 20273.35%9 15 
Office Portfolio CMBS(6)
SwapCash flow hedge$250,000 December 2025April 20293.41%3,125 (732)
N/ACorridorMark-to-market$425,000 January 2026March 2026
0.53% - 3.35%
— 2,901 
TOTAL$3,091 $1,954 
__________________ 
1.Accounting policy elections are as of June 30, 2026, which may be different than the policy elections as of December 31, 2025 for the corresponding instrument.
2.During the quarter ended June 30, 2026, the Company amended the terms of this cash flow hedge to extend its maturity date. The original maturity date was June 2026, with a fixed interest rate of 3.31%.
3.$539,000 of the notional amount of the Hollywood Media Portfolio CMBS cap has been designated as an effective cash flow hedge for accounting purposes. The remainder is accounted for under mark-to-market accounting.
4.The sold caps serve to offset the changes in fair value of the portion of the Hollywood Media Portfolio CMBS cap that is not designated as a cash flow hedge for accounting purposes and the change in fair value of the full Office Portfolio CMBS cap, which is not designated as a cash flow hedge for accounting purposes.
5.The notional amount decreases on a monthly basis to follow the amortization of the underlying debt instrument.
6.The notional amount will decrease on a monthly basis to follow the amortization of the underlying debt instrument commencing in February 2027.