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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
A summary of the carrying amounts and fair values of our financial instruments that are not reported at their fair values on our condensed consolidated balance sheets are as follows ($ in thousands):

Carrying AmountsFair Values
September 30,December 31,September 30,December 31,
2025202420252024
Level 2:
Fixed rate debt$888,319 $620,864 $841,450 $548,339 
Variable rate debt220,746 525,177 225,000 531,200 
Level 3:
Mortgage and other notes receivable, net209,169 268,926 207,162 261,708 

Fixed rate debt is classified as a Level 2 measurement, and the fair values of these debt instruments are based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets.

Variable rate debt is classified as a Level 2 measurement, and the fair values of our borrowings under our Credit Facility and Bank Term Loan are estimated at their notional amounts due to the predominance of floating interest rates, which generally reflect market conditions.
Mortgage and other notes receivable, net, are classified as Level 3 measurements, and the fair values are estimated based on credit risk and discount rates that are not observable in the marketplace.

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and other liabilities on our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 approximate their fair values due to the short-term nature of these financial instruments and are classified as Level 1 measurements.