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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Assets at Fair Value on a Recurring Basis

The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of June 30, 2025 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	57	$	—	$	57

Common stock	43,925		—		126,472		170,397
Convertible notes	—		—		14,081		14,081

LLC interest	—		—		51,473		51,473
LP interest	—		67,145		167,398		234,543
Preferred Shares	—		—		72,719		72,719
Rights and warrants	—		1,788		—		1,788
Senior loan	—		40		45,947		45,987
	$	43,925	$	69,030	$	478,090	$	591,045

The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2024 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets
Bond	$	—	$	62	$	—	$	62

Common stock	46,436		—		157,828		204,264
Convertible notes	—		—		20,846		20,846

LLC interest	—		—		36,777		36,777
LP interest	—		76,396		189,659		266,055
Preferred Shares	—		—		69,895		69,895
Rights and warrants	—		1,788		—		1,788
Senior loan	—		52		43,693		43,745
	$	46,436	$	78,298	$	518,698	$	643,432

Summary of Changes in Level 3 Assets

The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the six months ended June 30, 2025 (in thousands):


	December 31, 2024		Contributions/ Purchases		Paid in- kind dividends		Transfer Into (Out of) Level 3		Redemptions/ conversions		Return of capital		Realized gain/(loss)		Unrealized gain/(loss)		June 30, 2025

Common stock	$	157,828	$	—	$	—	$	—	$	(3,687)	$	—	$	1,511	$	(29,180)	$	126,472
Convertible notes	20,846		—		—		—		(7,001)		—		—		236		14,081

LLC interest	36,777		22,345		—		—		(3,995)		—		3,462		(7,116)		51,473
LP interest	189,659		1,310		—		—		—		—		—		(23,571)		167,398
Preferred Shares	69,895		—		2,824		—		—		—		—		—		72,719
Senior loan	43,693		—		2,514		—		(522)		—		2		260		45,947
Total	$	518,698	$	23,655	$	5,338	$	—	$	(15,205)	$	—	$	4,975	$	(59,371)	$	478,090


	December 31, 2023		Contributions/ Purchases		Paid in- kind dividends		Transfer Into (Out of) Level 3		Investments (Eliminated) Acquired Through Consolidation¹		Redemptions/ conversions		Return of capital		Realized gain/(loss)		Unrealized gain/(loss)		June 30, 2024
CLO	$	1,215	$	—	$	—	$	—	$	—	$	—	$	(1,266)	$	(22,735)	$	22,786	$	—
Common stock	176,256		904		—		—		(5,763)		—		—		—		(8,922)		162,475
Convertible notes	42,251		—		—		—		(19,835)		(2,125)		—		—		533		20,824
LLC interest	39,399		157		—		—		5,000		—		—		—		304		44,860
LP interest	195,898		4,185		—		—		—		—		—		—		2,886		202,969
Preferred Shares	66,268		—		2,613		—		—		(1,700)		—		—		—		67,181
Senior loan	46,353		6,500		2,135		—		—		(6,123)		—		574		(61)		49,378
Total	$	567,640	$	11,746	$	4,748	$	—	$	(20,598)	$	(9,948)	$	(1,266)	$	(22,161)	$	17,526	$	547,687

(1) As a result of the NHT consolidation, certain investments were eliminated or acquired.

Schedule of Significant Unobservable Inputs of Level 3 Assets

The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of June 30, 2025.


Category	Valuation Technique	Significant Unobservable Inputs	Input Value(s) (Arithmetic Mean)				Fair Value


Common Stock	Market Approach	Unadjusted Price/MHz-PoP	$0.10	—	$0.90	$(0.48)	$	126,472
	Discounted Cash Flow	Discount Rate	7.00%	—	14.00%	(9.50)%
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)


	NAV Approach	Discount Rate		10.00%
		NAV per Share		$7.72
		Multiple of EBITDA	3.00x	—	4.25x	(3.63)x
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)		$1,151.00




Convertible Notes	Discounted Cash Flow	Discount Rate	6.08%	—	8.08%	(7.08)%	14,081


LLC Interest	Discounted Cash Flow	Discount Rate	7.00%	—	26.00%	(12.5)%	51,473
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)
		Capitalization Rate		5.25%

LP Interest	Direct Capitalization Approach	Capitalization Rate	5.25%	—	5.50%	(5.375)%	167,398
	Market Approach	Discount to NAV		(7.50)%



	Recent Transaction	Price per Share		$14.01

Preferred Shares	Liquidation Analysis	Par		$1,000			72,719

Senior Loan	Discounted Cash Flow	Discount Rate	13.25%	—	15.00%	(14.13)%	45,947

Total							$	478,090

The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2024.


Category	Valuation Technique	Significant Unobservable Inputs	Input Value(s) (Arithmetic Mean)				Fair Value
Common Stock	Market Approach	Unadjusted Price/MHz-PoP	$0.10	—	$0.90	$(0.48)	$	157,828


	Discounted Cash Flow	Discount Rate	7.00%	—	14.50%	(9.63)%
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)
	NAV Approach	Discount Rate		10.00%
		NAV per Share		12.75
		Multiple of EBITDA	3.00x	—	4.25x	(3.63)x
	Recent Transaction	Implied Enterprise Value from Transaction Price ($mm)		$1,149.00
		N/A	$25.31	—	$28.00	$(26.66)
		Discount to NAV	(30.00)%	—	(20.00)%	(25.00)%
		Offer Price per Share		$4.27

Convertible Notes	Discounted Cash Flow	Discount Rate	6.08%	—	(8.08)%	(7.08)%	20,846

LLC Interest	Discounted Cash Flow	Discount Rate	7.00%	—	26.00%	(12.5)%	36,777
		Market Rent (per sqft)	$13.00	—	$42.50	$(27.75)
		Capitalization Rate		5.13%

LP Interest	Direct Capitalization Approach	Capitalization Rate	5.25%	—	5.50%	(5.38)%	189,659
	Market Approach	Discount to NAV		(7.5)%


	Recent Transaction	Price per Share		$16.41

Preferred Shares	Liquidation Analysis	Par		$1,000			69,895

Senior Loan	Discounted Cash Flow	Discount Rate	13.30%	—	26.00%	(19.65)%	43,693

Total							$	518,698

Schedule of Long-Term Debt Indebtedness

The following table contains summary information of the Company’s debt as of June 30, 2025 and December 31, 2024 (dollars in thousands):


		Outstanding principal as of
Description	Type	June 30, 2025		December 31, 2024		Interest Rate		Maturity Date
Mortgages Payable
Cityplace Note A-1 (1)	Floating	$	98,594	$	99,435	6.68	%	3/8/2026
Cityplace Note A-2 (1)	Floating	12,412		12,517		6.68	%	3/8/2026
Cityplace Note B-1 (1)	Floating	21,568		21,751		10.68	%	3/8/2026
Cityplace Note B-2 (1)	Floating	2,715		2,738		10.68	%	3/8/2026
Cityplace Mezz Note-1 (1)	Floating	3,081		3,107		10.68	%	3/8/2026
Cityplace Mezz Note-2 (1)	Floating	388		391		10.68	%	3/8/2026
NHT - Note A Loan (2)	Floating	28,069		50,188		6.32	%	9/8/2025
NHT - Note B Loan (2)	Floating	13,515		24,165		10.78	%	9/8/2025
NHT - PC & B Loan (3)	Floating	38,285		37,875		9.02	%	2/5/2026
White Rock Center (4)	Fixed	10,000		10,000		10.00	%	8/2/2029
Notes Payable
Dominion Note	Floating	13,250		13,250		7.50	%	8/8/2025
Raymond James Loan	Floating	5,000		11,000		8.57	%	10/6/2025
NexBank Revolver (5)	Floating	13,829		16,485		7.82	%	11/21/2025
Convertible Notes Due to Affiliates	Fixed	57,986		57,986		2.25% - 7.50%		2/14/2027 - 9/30/2042
Promissory Notes Due to Affiliates	Fixed	775		—		7.33	%	4/17/2027
Prime Brokerage Borrowing
Jefferies Line of Credit	Floating	4,410		1,222		4.83	%	N/A (7)
Total Debt		$	323,877	$	362,110
Fair market value adjustment, net of accumulated amortization (6)		(6,920)		(7,740)
Deferred financing costs		(500)		(315)
		$	316,457	$	354,055


(1)			This debt is secured by the following property: Cityplace Tower.
(2)			This debt is secured by the following properties: HGI Property and the St. Pete Property.
(3)			This debt is secured by the following properties: Park City and Bradenton.
(4)			This debt is secured by the following property: White Rock Center.
(5)			This debt is secured by the following property and investments: 5916 W Loop 289 and IQHQ, LP (“IQHQ LP”).


(6)			The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense.
(7)			This debt balance has no stated maturity date.

Long-term indebtedness is carried at amounts that

reasonably approximate their fair value at June 30, 2025 and December 31, 2024, except for the following debt (in thousands):


	June 30, 2025				December 31, 2024
	Outstanding Principal Balance		Estimated Fair Value		Outstanding Principal Balance		Estimated Fair Value
Notes payable	$	90,840	$	70,227	$	98,721	$	78,607

Schedule of Derivative Instruments

As of June 30, 2025, the Hospitality segment had the following outstanding interest rate caps:

Type of Derivative

Hedged Financial Instrument

Notional

Strike Rate

Reference Rate

Termination Date

Interest rate cap

Note payable

$39,300

2.00%

One-month SOFR

2.00%

February 5, 2026

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details