Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company is required to disclose fair value information about all financial instruments, for which it is practicable to estimate fair value, whether or not recognized in the consolidated balance sheets. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) “significant other observable inputs,” and (iii) “significant unobservable inputs.” “Significant other observable inputs” can include quoted prices for similar assets or liabilities in applicable markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. “Significant unobservable inputs” are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the three months ended September 30, 2025 and September 30, 2024.

Recurring Measurements

The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2025 and December 31, 2024:

Assets/(Liabilities)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
September 30, 2025
Mutual Funds Asset	$	10,739	$	10,739	$	—	$	—
Interest Rate Swap Liability	$	(5,333)	$	—	$	(5,333)	$	—
December 31, 2024
Interest Rate Swap Asset	$	15,974	$	—	$	15,974	$	—
Mutual Funds Asset	$	11,971	$	11,971	$	—	$	—

Nonrecurring Measurement - Real Estate Impairment

2025 Real Estate Impairments

During the three months ended September 30, 2025, the Company recorded real estate impairments of $25.6 million related to 8 Office Discontinued Operations Properties. The following table summarizes the fair value assumptions for the real estate impairments for the three months ended September 30, 2025:

	Three Months Ended September 30, 2025
Range of Inputs	Office Discontinued Operations Properties
Estimated Selling Prices (Level 2 Inputs)
Number of Properties	8
Estimated selling price per square foot	$74 - $191

Nonrecurring Measurement - Goodwill Impairment

The Company’s goodwill has an indeterminate life and is not amortized. Goodwill is tested for impairment on October 1st of each year for each reporting unit, as applicable, or more frequently if events or changes in circumstances indicate that goodwill is more likely than not impaired. The Company performs a qualitative assessment to determine whether a potential impairment of goodwill exists prior to quantitatively estimating the fair value of each relevant reporting unit. If an impairment exists, the Company recognizes an impairment of goodwill based on the excess of the reporting unit’s carrying value compared to its fair value, up to the amount of goodwill for that reporting unit. There was no impairment of goodwill recorded for the nine months ended September 30, 2025.

Financial Instruments at Fair Value

Financial instruments as of September 30, 2025 and December 31, 2024 consisted of cash and cash equivalents, restricted cash, accounts receivable, notes receivable, accrued expenses and other liabilities, and consolidated debt, as defined in Note 5, Debt. With the exception of the secured debt in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of September 30, 2025 and December 31, 2024.

The fair value of the secured debt in the table below is estimated by discounting each loan’s principal balance over the remaining term of the loan using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the secured debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt.

	September 30, 2025				December 31, 2024
	Fair Value		Carrying Value (1)		Fair Value		Carrying Value (1)
BOA II Loan	$	134,206	$	140,440	$	226,870	$	250,000
Florida Mortgage Loan	47,830		49,604		47,057		49,604
Georgia Mortgage Loan	37,254		37,722		36,381		37,722
Illinois Mortgage Loan	23,385		23,000		22,810		23,000
Total Secured Debt	$	242,675	$	250,766	$	333,118	$	360,326

(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of September 30, 2025 and December 31, 2024. See Note 5, Debt, for details.