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Derivatives
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024:
Fair Value Assets (Liabilities)
Underlying Debt InstrumentType of Instrument
Accounting Policy(1)
Notional AmountEffective DateMaturity
Date		Interest RateSeptember 30, 2025December 31, 2024
1918 EighthSwap
Mark-to-market(2)
$172,865 February 2023October 20253.75%$31 $524 
1918 EighthCapPartial cash flow hedge$314,300 June 2023
December 2025(3)
5.00%— 62 
1918 EighthSold capMark-to-market$172,865 June 2023
December 2025(3)
5.00%— (34)
Hollywood Media Portfolio CMBSSwapCash flow hedge$351,186 August 2023June 20263.31%971 3,663 
Hollywood Media Portfolio CMBSSwapCash flow hedge$180,000 February 2024August 20264.13%(728)(267)
Hollywood Media Portfolio CMBSCap
Partial cash flow hedge(4)
$1,100,000 August 2024August 20256.01%— 4 
Hollywood Media Portfolio CMBS
Sold cap(5)
Mark-to-market$561,000 August 2024August 20256.01%— (2)
Hollywood Media Portfolio CMBSCapMark-to-market$1,100,000 August 2025August 20264.95%7 — 
Hollywood Media Portfolio CMBSSold capMark-to-market$561,000 August 2025August 20264.95%(4)— 
Sunset Glenoaks Studios(6)
CapCash flow hedge$100,600 January 2025January 20264.50%— 72 
Office Portfolio CMBSCapMark-to-market$475,000 March 2025April 20274.96%48 — 
Office Portfolio CMBS
Sold cap(5)
Mark-to-market$475,000 March 2025April 20274.96%(48)— 
Office Portfolio CMBS(7)
CapCash flow hedge$220,002 April 2025April 20273.35%1,029 — 
Office Portfolio CMBSSwapCash flow hedge$250,000 April 2025April 20293.41%(864)— 
TOTAL$442 $4,022 
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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.

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 September 30, 2025, the Company expects $0.1 million of unrealized gain included in accumulated other comprehensive loss will be reclassified as a reduction to interest expense in the next 12 months.