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Derivatives | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company enters into derivatives in order to hedge interest rate risk. Derivative assets are recorded in prepaid expenses and other assets and derivative liabilities are recorded in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets. The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments. The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of June 30, 2025 and December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Assets (Liabilities)
Underlying Debt Instrument |  | Type of Instrument |  | Accounting Policy |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Interest Rate |  | June 30, 2025 |  | December 31, 2024
1918 Eighth |  | Swap |  | Cash flow hedge |  | $ | 172,865 |  |  | February 2023 |  | October 2025 |  | 3.75% |  | $ | 261 |  |  | $ | 524 |
1918 Eighth |  | Cap |  | Partial cash flow hedge(1) |  | $ | 314,300 |  |  | June 2023 |  | December 2025 |  | 5.00% |  | 1 |  |  | 62 |
1918 Eighth |  | Sold cap(2) |  | Mark-to-market |  | $ | 172,865 |  |  | June 2023 |  | December 2025 |  | 5.00% |  | (1) |  |  | (34) |
Hollywood Media Portfolio CMBS |  | Swap |  | Cash flow hedge |  | $ | 351,186 |  |  | August 2023 |  | June 2026 |  | 3.31% |  | 1,709 |  |  | 3,663 |
Hollywood Media Portfolio CMBS |  | Swap |  | Cash flow hedge |  | $ | 180,000 |  |  | February 2024 |  | August 2026 |  | 4.13% |  | (727) |  |  | (267) |
Hollywood Media Portfolio CMBS |  | Cap |  | Partial cash flow hedge(1) |  | $ | 1,100,000 |  |  | August 2024 |  | August 2025 |  | 6.01% |  | — |  |  | 4 |
Hollywood Media Portfolio CMBS |  | Sold cap(2) |  | Mark-to-market |  | $ | 561,000 |  |  | August 2024 |  | August 2025 |  | 6.01% |  | — |  |  | (2) |
Sunset Glenoaks Studios |  | Cap |  | Cash flow hedge |  | $ | 100,600 |  |  | January 2025 |  | January 2026 |  | 4.50% |  | 9 |  |  | 72 |
Office Portfolio CMBS |  | Cap |  | Mark-to-market |  | $ | 475,000 |  |  | March 2025 |  | April 2027 |  | 4.96% |  | 220 |  |  | — |
Office Portfolio CMBS |  | Sold cap(2) |  | Mark-to-market |  | $ | 475,000 |  |  | March 2025 |  | April 2027 |  | 4.96% |  | (216) |  |  | — |
Office Portfolio CMBS(3) |  | Cap |  | Cash flow hedge |  | $ | 222,501 |  |  | April 2025 |  | April 2027 |  | 3.35% |  | 1,847 |  |  | — |
Office Portfolio CMBS |  | Swap |  | Cash flow hedge |  | $ | 250,000 |  |  | April 2025 |  | April 2029 |  | 3.41% |  | (443) |  |  | — |
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,660 |  |  | $ | 4,022 |
__________________ 1.$141,435 and $539,000 of the notional amounts of the 1918 Eighth and Hollywood Media Portfolio CMBS caps, respectively, have been designated as effective cash flow hedges for accounting purposes. The remainder of each is accounted for under mark-to-market accounting. 2.The sold caps serve to offset the changes in fair value of the portions of the 1918 Eighth and Hollywood Media Portfolio CMBS caps that are not designated as cash flow hedges for accounting purposes, as well as the change in fair value of the full Office Portfolio CMBS cap, which is not designated as a cash flow hedge for accounting purposes. 3.The notional amount decreases on a monthly basis to follow the amortization of the underlying debt instrument. The Company reclassifies unrealized gains and losses related to cash flow hedges into earnings in the same period during which the hedged forecasted transaction affects earnings. As of June 30, 2025, the Company expects $1.8 million of unrealized gain included in accumulated other comprehensive income will be reclassified as a reduction to inte rest expense in the next 12 months.

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