| Schedule of Carrying Value and Approximate Fair Value of Financial Instruments |
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 Value | | Fair Value Hierarchy Level | | | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | | | IQHQ Credit Facility | | $ | 98,981 | | | $ | — | | | $ | — | | | $ | 98,981 | | | IQHQ Alewife Mezzanine Loan | | 108,677 | | | — | | | — | | | 108,526 | | | Seller Financed Note | | 49,000 | | | — | | | — | | | 49,000 | | | Construction Loan | | 22,800 | | | — | | | — | | | 30,164 | | Notes receivable (1) | | 16,786 | | | — | | | — | | | 16,786 | | | Total assets | | $ | 296,244 | | | $ | — | | | $ | — | | | $ | 303,457 | | | | | | | | | | | | Liabilities | | | | | | | | | | Exchangeable Notes | | $ | 389,749 | | | $ | — | | | $ | 406,143 | | | $ | — | | | Term Loans | | 118,710 | | | — | | | — | | | 118,710 | | | Revolving Credit Facilities | | 187,500 | | | — | | | 187,500 | | | — | | | Total liabilities | | $ | 695,959 | | | $ | — | | | $ | 593,643 | | | $ | 118,710 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2025 | | | | | Fair Value Hierarchy Level | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | | | IQHQ Credit Facility | | $ | 96,908 | | | $ | — | | | $ | — | | | $ | 96,908 | | | Construction Loan | | 22,800 | | | — | | | — | | | 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 Facilities | | 102,500 | | | — | | | 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).
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