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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the Company’s derivative instruments as of September 30, 2025 and December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Assets (Liabilities)
Underlying Debt Instrument |  | Type of Instrument |  | Accounting Policy(1) |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Interest Rate |  | September 30, 2025 |  | December 31, 2024
1918 Eighth |  | Swap |  | Mark-to-market(2) |  | $ | 172,865 |  |  | February 2023 |  | October 2025 |  | 3.75% |  | $ | 31 |  |  | $ | 524 |
1918 Eighth |  | Cap |  | Partial cash flow hedge |  | $ | 314,300 |  |  | June 2023 |  | December 2025(3) |  | 5.00% |  | — |  |  | 62 |
1918 Eighth |  | Sold cap |  | Mark-to-market |  | $ | 172,865 |  |  | June 2023 |  | December 2025(3) |  | 5.00% |  | — |  |  | (34) |
Hollywood Media Portfolio CMBS |  | Swap |  | Cash flow hedge |  | $ | 351,186 |  |  | August 2023 |  | June 2026 |  | 3.31% |  | 971 |  |  | 3,663 |
Hollywood Media Portfolio CMBS |  | Swap |  | Cash flow hedge |  | $ | 180,000 |  |  | February 2024 |  | August 2026 |  | 4.13% |  | (728) |  |  | (267) |
Hollywood Media Portfolio CMBS |  | Cap |  | Partial cash flow hedge(4) |  | $ | 1,100,000 |  |  | August 2024 |  | August 2025 |  | 6.01% |  | — |  |  | 4 |
Hollywood Media Portfolio CMBS |  | Sold cap(5) |  | Mark-to-market |  | $ | 561,000 |  |  | August 2024 |  | August 2025 |  | 6.01% |  | — |  |  | (2) |
Hollywood Media Portfolio CMBS |  | Cap |  | Mark-to-market |  | $ | 1,100,000 |  |  | August 2025 |  | August 2026 |  | 4.95% |  | 7 |  |  | — |
Hollywood Media Portfolio CMBS |  | Sold cap |  | Mark-to-market |  | $ | 561,000 |  |  | August 2025 |  | August 2026 |  | 4.95% |  | (4) |  |  | — |
Sunset Glenoaks Studios(6) |  | Cap |  | Cash flow hedge |  | $ | 100,600 |  |  | January 2025 |  | January 2026 |  | 4.50% |  | — |  |  | 72 |
Office Portfolio CMBS |  | Cap |  | Mark-to-market |  | $ | 475,000 |  |  | March 2025 |  | April 2027 |  | 4.96% |  | 48 |  |  | — |
Office Portfolio CMBS |  | Sold cap(5) |  | Mark-to-market |  | $ | 475,000 |  |  | March 2025 |  | April 2027 |  | 4.96% |  | (48) |  |  | — |
Office Portfolio CMBS(7) |  | Cap |  | Cash flow hedge |  | $ | 220,002 |  |  | April 2025 |  | April 2027 |  | 3.35% |  | 1,029 |  |  | — |
Office Portfolio CMBS |  | Swap |  | Cash flow hedge |  | $ | 250,000 |  |  | April 2025 |  | April 2029 |  | 3.41% |  | (864) |  |  | — |
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 442 |  |  | $ | 4,022 |
__________________ 1.Accounting policy elections are as of September 30, 2025, which may be different than the policy elections as of December 31, 2024 for the corresponding instrument. 2.This swap was accounted for as a cash flow hedge through August 2025, at which point the underlying loan was refinanced with with a fixed-rate loan and the swap no longer qualified for hedge accounting. 3.The cap and sold cap were early terminated on September 2, 2025. 4.$539,000 of the notional amount of the Hollywood Media Portfolio CMBS cap has been designated as an effective cash flow hedge for accounting purposes. The remainder is accounted for under mark-to-market accounting. 5.The sold caps serve to offset the changes in fair value of the portion of the Hollywood Media Portfolio CMBS cap that is not designated as a cash flow hedge for accounting purposes and the change in fair value of the full Office Portfolio CMBS cap, which is not designated as a cash flow hedge for accounting purposes. 6.Sunset Glenoaks Studios was consolidated as of December 31, 2024 and unconsolidated as of September 30, 2025. Therefore, the fair value of the derivative instrument as of September 30, 2025 is reported as $0. 7.The notional amount decreases on a monthly basis to follow the amortization of the underlying debt instrument.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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