v3.26.3
Fair Value
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
Level 1—Unadjusted quoted prices for identical assets or liabilities in active markets accessible to the Company at the measurement date.
Level 2—Observable inputs for the asset or liability, whether observed directly or indirectly, excluding quoted prices classified within Level 1.
Level 3—Inputs that are unobservable for the asset or liability and reflect assumptions market participants would use in pricing it, including assumptions about risk.
The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on a recurring basis, together with their classifications within the fair-value hierarchy at September 30, 2026 and December 31, 2025 (in thousands):
At September 30, 2026
Carrying ValueFair Value Hierarchy Level
Level 1Level 2Level 3
Assets
IQHQ Credit Facility$98,981 $— $— $98,981 
IQHQ Alewife Mezzanine Loan108,677 — — 108,526 
Seller Financed Note49,000 — — 49,000 
Construction Loan22,800 — — 30,164 
Notes receivable (1)
16,786 — — 16,786 
Total assets$296,244 $— $— $303,457 
Liabilities
Exchangeable Notes$389,749 $— $406,143 $— 
Term Loans118,710 — — 118,710 
Revolving Credit Facilities187,500 — 187,500 — 
Total liabilities$695,959 $— $593,643 $118,710 

At December 31, 2025
Fair Value Hierarchy Level
Carrying ValueLevel 1Level 2Level 3
Assets
IQHQ Credit Facility$96,908 $— $— $96,908 
Construction Loan22,800 — — 29,997 
Notes receivable (1)
16,786 — — 16,786 
Total assets$136,494 $— $— $143,691 
Liabilities
Notes due 2026$290,602 $— $288,644 $— 
Revolving Credit Facilities102,500 — 102,500 — 
Total liabilities$393,102 $— $391,144 $— 
(1)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” for more information).
The IQHQ Credit Facility and IQHQ Alewife Mezzanine Loan are included in life science investments, the Seller Financed Note and the Construction Loan are included in loans receivable, and notes receivable are included in other assets, net on our consolidated balance sheets. The IQHQ Preferred Stock is excluded from fair value leveling due to the Company's election of the ASC 321 measurement alternative. Refer to Note 7 "Life Science Investments" for additional information.
The carrying amounts of cash equivalents, interest receivable, accounts payable, accrued expenses and other liabilities approximate their fair values.
The fair value of the IQHQ Credit Facility, IQHQ Alewife Mezzanine Loan, Seller Financed Note, Construction Loan, Term Loans and Revolving Credit Facilities were estimated based on discounted cash flow models with estimated market yields for instruments with similar terms and credit risk. The fair value of the Exchangeable Notes was estimated using third-party pricing based on observable market inputs.