v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Borrowings
The following is a summary of borrowings as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026December 31, 2025
Recorded Principal Balance(1)
Fair Value
Recorded Principal Balance(1)
Fair Value
Revolving credit facility$181,000 $182,308 $92,000 $92,445 
Term loans161,657 162,491 483,415 485,508 
Senior unsecured notes due 2031345,346 310,454 345,157 313,817 
Senior unsecured notes due 2032346,638 351,964 346,529 357,868 
Senior unsecured notes due 2033346,538 341,467 — — 
Senior unsecured notes due 2034342,732 359,863 342,564 366,377 
Senior unsecured notes due 2035342,288 339,087 342,117 345,356 
Secured portfolio loan facilities393,166 371,954 393,012 370,922 
Mortgages(2)
30,000 29,063 30,534 29,621 
Total$2,489,365 $2,448,651 $2,375,328 $2,361,914 
(1)As of March 31, 2026 and December 31, 2025, respectively, recorded principal balances include: (i) net deferred financing fees of $2.0 million and $3.4 million; (ii) assumed market debt adjustments of $0.2 million and $0.3 million; and (iii) notes payable discounts of $26.5 million and $23.6 million.
(2)Our finance lease liability is included in the mortgages line item, as presented.
Schedule of Recurring and Nonrecurring Fair Value Fair value measurements that occurred as of and during the three months ended March 31, 2026 and the year ended December 31, 2025 were as follows (in thousands):
March 31, 2026December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
Recurring
Marketable securities(1)
$15,327 $— $— $16,355 $— $— 
Derivative assets(1)(2)
— 248 — — 177 — 
(1)We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets.
(2)The fair values of the derivative assets exclude associated accrued interest receivable of $0.1 million as of March 31, 2026 and December 31, 2025.