XML 37 R26.htm IDEA: XBRL DOCUMENT v3.26.1

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Values of Financial Instruments

Fair Value Measurements on a Recurring Basis

						(in thousands)
			Balance Sheet Location			Total						Level 1						Level 2						Level 3
March 31, 2026
Assets
Real estate related notes receivable			Other assets			$	26,630					—						—						$	26,630
December 31, 2025
Assets
Real estate related notes receivable			Other assets			$	26,394					—						—						$	26,394

The estimated fair values of the Company’s financial instruments as of March 31, 2026 and December 31, 2025, respectively, are as follows:

						(in thousands)
						March 31, 2026												December 31, 2025
			Balance Sheet Location			Amount						Fair Value						Amount						Fair Value
FINANCIAL ASSETS
Cash and cash equivalents (Level 1)			Cash and cash equivalents			$	7,555					$	7,555					$	12,833					$	12,833
Restricted cash (Level 1)			Restricted cash			$	2,710					$	2,710					$	2,818					$	2,818
FINANCIAL LIABILITIES
Revolving lines of credit (Level 3)			Revolving lines of credit			$	150,429					$	150,429					$	154,925					$	154,925
Unsecured senior notes (Level 3)(1)			Notes payable			$	300,000					$	265,466					$	300,000					$	267,420
Mortgages payable - Fannie Mae credit facility (Level 3)			Mortgages payable			$	198,850					$	176,256					$	198,850					$	175,996
Mortgages payable - other (Level 3)(1)			Mortgages payable			$	398,567					$	358,590					$	400,134					$	358,627

(1)Excludes deferred financing costs, debt premiums, and discounts

Schedule of Changes in Fair Value Receivables

Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

			(in thousands)
			Fair Value Measurement						Other Gains						Interest Income						Total Changes in Fair Value Included in Current-Period Earnings
Three months ended March 31, 2026
Real estate related notes receivable			$	26,630					$	9					$	569					$	578
Three months ended March 31, 2025
Real estate related notes receivable			$	25,406					$	9					$	531					$	540

Schedule of Unrealized Gains and Losses on Equity Securities

The portion of unrealized gains and losses for the three months ended March 31, 2026 and 2025 related to equity securities still held at the reporting date is shown in the table below.

			(in thousands)
			Three Months Ended March 31,
			2026						2025
Unrealized gains and losses on equity securities still held at the reporting date			$	209					$	67

Schedule of Fair Value Measurements on a Nonrecurring Basis

						(in thousands)
			Balance Sheet Location			Total						Level 1						Level 2						Level 3
March 31, 2026
Assets
Real estate investments measured at fair value			Assets held for sale, net			$	29,500					$	—					$	—					$	29,500
December 31, 2025
Assets
Real estate investments measured at fair value			Assets held for sale, net			$	39,700					$	—					$	—					$	39,700

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration