The
following table sets forth the carrying value and estimated fair value of our debt payables and receivable arrangements as of March
31, 2026 and December 31, 2025, respectively (amounts in thousands):
Schedule of Carrying Value and Estimated Fair Value
| | |
| | |
March
31, 2026 | | |
December
31, 2025 | |
| | |
Level | | |
Carrying
Value | | |
Fair
Value | | |
Carrying
Value | | |
Fair
Value | |
| | |
| | |
(unaudited) | | |
(unaudited) | | |
| | |
| |
| Total indebtedness (1)(2) | |
| 3 | | |
$ | 275,516 | | |
$ | 279,432 | | |
$ | 260,638 | | |
$ | 265,225 | |
| Convertible loan receivable from affiliate | |
| 3 | | |
$ | 5,000 | | |
$ | 5,000 | | |
$ | — | | |
$ | — | |
| (1) | The carrying values of our indebtedness are net of unamortized debt issuance costs and debt discounts (see Note 7 – Debt, Net). |
| (2) | We
estimate the fair value of our indebtedness by discounting the expected future loan payments
using current market interest rates. These rates reflect market conditions and consider the
quality of the underlying collateral, the credit quality of the tenant or borrower, and the
remaining loan term. |
|