| Schedule of Estimated Fair Values of Financial Instruments |
Fair Value Measurements on a Recurring Basis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Balance Sheet Location | Total | | Level 1 | | Level 2 | | Level 3 | | September 30, 2026 | | | | | | | | | | Assets | | | | | | | | | | Real estate related notes receivable | Other assets | $ | 22,955 | | | $ | — | | | $ | — | | | $ | 22,955 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | Assets | | | | | | | | | | Real estate related notes receivable | Other assets | $ | 26,394 | | | $ | — | | | $ | — | | | $ | 26,394 | | | | | | | | | | | | | | | | | | | |
The estimated fair values of the Company’s financial instruments as of September 30, 2026 and December 31, 2025, respectively, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | September 30, 2026 | | December 31, 2025 | | Balance Sheet Location | Amount | | Fair Value | | Amount | | Fair Value | | FINANCIAL ASSETS | | | | | | | | | | Cash and cash equivalents (Level 1) | Cash and cash equivalents | $ | 116,235 | | | $ | 116,235 | | | $ | 12,833 | | | $ | 12,833 | | | Restricted cash (Level 1) | Restricted cash | $ | 2,846 | | | $ | 2,846 | | | $ | 2,818 | | | $ | 2,818 | | | | | | | | | | | | FINANCIAL LIABILITIES | | | | | | | | | | Revolving lines of credit (Level 3) | Revolving lines of credit | $ | — | | | $ | — | | | $ | 154,925 | | | $ | 154,925 | | | | | | | | | | | Unsecured senior notes (Level 3)(1) | Notes payable | $ | 300,000 | | | $ | 260,840 | | | $ | 300,000 | | | $ | 267,420 | | | Mortgages payable - Fannie Mae credit facility (Level 3) | Mortgages payable | $ | 198,850 | | | $ | 169,827 | | | $ | 198,850 | | | $ | 175,996 | | Mortgages payable - other (Level 3)(1) | Mortgages payable | $ | 344,969 | | | $ | 289,699 | | | $ | 400,134 | | | $ | 358,627 | |
(1)Excludes deferred financing costs, debt premiums, and discounts.
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| Schedule of Changes in Fair Value Receivables |
Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations and Comprehensive Income. | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Fair Value Measurement | | Other Gains | | Interest Income | | Total Changes in Fair Value Included in Current-Period Earnings | | Nine months ended September 30, 2026 | | | | | | | | | Real estate related notes receivable | $ | 22,955 | | | $ | 22 | | | $ | 1,704 | | | $ | 1,726 | | | Nine months ended September 30, 2025 | | | | | | | | | Real estate related notes receivable | $ | 27,466 | | | $ | 27 | | | $ | 1,675 | | | $ | 1,702 | |
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| Schedule of Unrealized Gains and Losses on Equity Securities |
The portion of unrealized gains and losses for the three and nine months ended September 30, 2026 and 2025 related to equity securities still held at the reporting date is shown in the table below. | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | Unrealized gains (losses) on equity securities still held at the reporting date | $ | 34 | | | $ | 455 | | | $ | 243 | | | $ | 503 | |
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