
	Encumbered properties at December 31, 2025	Outstanding balance as of December 31,				Effective interest rate as of December 31(1),			Interest Rate		Formerly known as:
		2025		2024		2025		2024		Maturity
Secured Term Loan 1 due 2028	15	$	85,771	$	116,037	4.60	%	4.60%	Fixed	May 2028	Multi-Property CMBS Loan
Secured Term Loan 2 due 2026 (2)	—	—		363,957		—	%	3.63%	Fixed	Dec 2026	Capital One OMF Loan
Secured Term Loan 3 due 2031	7	33,066		37,472		2.93	%	2.93%	Fixed	Dec 2031	BMO CMBS Loan
Secured Term Loan 4 due 2033	56	219,500		234,173		6.54	%	6.54%	Fixed	Jun 2033	Barclays OMF Loan
Single Property Mortgage 1 due 2047	1	6,289		6,471		4.04	%	4.04%	Fixed	May 2047	Fox Ridge Bryant
Single Property Mortgage 2 due 2049	1	14,412		14,833		2.99	%	2.99%	Fixed	May 2049	Fox Ridge Chenal
Single Property Mortgage 3 due 2049	1	8,942		9,204		2.99	%	2.99%	Fixed	May 2049	Fox Ridge North Little Rock
Multi Property Mortgage 1 due 2034	4	7,500		7,500		6.94	%	6.94%	Fixed	Mar 2034	BMO CPC Mortgage
Gross mortgage notes payable	85	375,480		789,647		5.52	%	4.62%
Deferred financing costs, net		(6,753)		(9,304)
Mortgage premiums and discounts, net		(1,098)		(1,183)
Mortgage notes payable, net		$	367,629	$	779,160

Secured Fannie Mae Loan 1 due 2026	11	$	199,866	$	203,405	6.63	%	7.29%	Variable	Nov 2026	Capital One Secured Debt
Secured Fannie Mae Loan 2 due 2026	10	134,873		137,103		6.68	%	7.34%	Variable	Nov 2026	KeyBank Secured Debt
Total Secured Fannie Mae Loan (3)	21	334,739		340,508		6.65	%	7.31%
OMF Warehouse Facility (4)	—	—		21,708		—		7.66%	Variable	Dec 2026
Fannie Mae and other secured debt	21	$	334,739	$	362,216	6.65	%	7.33%

Term loan due 2028 (5)	—	$	150,000	$	—	5.51	%	—%	Variable	Dec 2028
Deferred financing costs, net		(1,595)		—
Unsecured term loan, net		$	148,405	$	—

Unsecured revolving credit facility	59	$	186,000	$	—	5.94	%	—%	Variable	Dec 2028

As of December 31, 2025, the Company had pledged $683.4 million in real estate investments, at cost, as collateral for its $375.5 million of gross mortgage notes payable. As of December 31, 2024, the Company had pledged $1.3 billion in real estate investments, at cost, as collateral for its $789.6 million of gross mortgage notes payable. The real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis. During the years ended December 31, 2025, 2024 and 2023, the Company made aggregate principal repayments of mortgage debt of $414.0 million, $39.2 million and $3.8 million, respectively.

Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants, including debt service coverage ratios. Notably, the Secured Term Loan 4 due 2033 loan agreement requires the OP to comply with certain covenants, including, maintaining combined cash and cash equivalents totaling at least $12.5 million at all times. As of December 31, 2025, the Company was in compliance with these financial covenants.

On October 31, 2016, the Company, through wholly-owned subsidiaries of the OP, entered into a master secured debt agreement with KeyBank (the “KeyBank Secured Debt”) and a master secured debt agreement with Capital One Multifamily Finance LLC, an affiliate of Capital One (the “Capital One Secured Debt” and, together with the KeyBank Secured Debt, “Fannie Mae Secured Debt”). Advances made under these agreements were assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program.

The Company may request future advances under the Fannie Mae Secured Debt by adding eligible properties to the collateral pool subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. Borrowings under the Fannie Mae Secured Debt bore monthly interest equal to the sum of the current SOFR for one-month denominated deposits and a spread of 2.41% and 2.46% for the Secured Fannie Mae Loan 1 due 2026 and the Secured Fannie Mae Loan 2 due 2026, respectively. The Company has interest rate caps that limit one-month SOFR at 3.50%. The Fannie Mae Secured Debt matures on November 1, 2026.

Through December 31, 2025, the Company had provided cash deposits totaling $15.4 million to Fannie Mae because the debt service coverage ratios of the underlying properties of each facility were below the minimum required amounts per the debt agreements. These deposits are recorded as restricted cash on the consolidated balance sheets and are pledged as additional collateral for the Fannie Mae Secured Debt. These deposits will be refunded upon the earlier of the Company’s achievement of a debt service coverage ratio above the minimum required amount of 1.40 or the maturity of the Fannie Mae Secured Debt.

As of December 31, 2025, the Company had pledged $614.5 million in total real estate investments, at cost, as collateral under its Fannie Mae Secured Debt and other secured debt. All of the real estate assets pledged to secure borrowings under the Company’s Fannie Mae Secured Debt and other secured debt are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.

On December 11, 2025, the Company, as guarantor, the OP, as borrower, and certain indirect subsidiaries of the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and certain lenders party thereto. In connection with entering into the Credit Agreement, the Company terminated the amended and restated loan agreement, dated as of December 20, 2019, as amended, by and among the borrower entities party thereto, Capital One, National Association and the other lenders party thereto and paid off the outstanding Secured Term Loan 2 due 2026 thereunder.

The Credit Agreement provides for (i) a $400 million senior unsecured revolving credit facility (the “Revolving Facility”) and (ii) a $150 million senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Facility, the “Credit Facilities”). The Credit Agreement also provides that, subject to customary conditions, including obtaining lender commitments and compliance with its financial maintenance covenants under the Credit Agreement, the OP may seek to increase the lending commitments under the Credit Agreement by up to $450 million of the Revolving Facility and/or the Term Loan.

The Revolving Facility and the Term Loan have a maturity date of December 11, 2028, which, in each case, may be extended for two one-year periods subject to customary conditions under the Credit Agreement. The OP may elect at any time and from time to time to prepay all or any portion of the loans under the Credit Facilities prior to maturity without premium or penalty, subject to payment of usual and customary breakage costs.

The interest rates applicable to loans under the Credit Facilities are, at the OP’s option, equal to either a base rate plus a margin ranging from 0.55% to 1.10% per annum or Daily Simple SOFR or Term SOFR plus a margin ranging from 1.55% to 2.10% per annum, in each case based on the Company’s consolidated leverage ratio. In addition, with respect to the Revolving Facility, the OP will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the Revolving Facility.

The Credit Facilities are guaranteed, jointly and severally, by the Company and certain indirect subsidiaries of the Company. The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company, the OP and certain indirect subsidiaries of the Company to incur indebtedness, grant liens on their assets, make certain types of investments, engage in acquisitions, mergers or consolidations, sell assets, enter into certain transactions with affiliates and pay dividends or make distributions. The Credit Agreement also requires the Company to comply with consolidated financial maintenance covenants to be tested quarterly, including a minimum fixed charge coverage ratio, maximum leverage

The Credit Agreement also contains customary events of default, including the failure to make timely payments under the Credit Facilities, any event or condition that makes other material indebtedness due prior to its scheduled maturity, the failure to satisfy certain covenants and specified events of bankruptcy and insolvency. The occurrence of an event of default under the Credit Agreement may result in all loans and other obligations becoming immediately due and payable and the Credit Facilities being terminated and allow the lenders to exercise all rights and remedies available to them.

As of December 31, 2025, the Company added $867.3 million in total real estate investments, at cost to the borrowing base under the Credit Facilities. All of the real estate assets added to the borrowing base under the Credit Facilities are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.

The Company’s existing principal demands for cash are to fund acquisitions, capital expenditures, the payment of its operating and administrative expenses, debt service obligations (including principal repayment) and distributions to holders of its Series A Preferred Stock and Series B Preferred Stock. The Company closely monitors its current and anticipated liquidity position relative to its current and anticipated demands for cash and believes that it has sufficient current liquidity to meet its financial obligations for at least the next 12 months. The Company expects to fund its future short-term operating liquidity requirements, including distributions to holders of Series A Preferred Stock and Series B Preferred Stock, through a combination of current cash on hand, net cash provided by its operating activities and property dispositions, future takedowns under the Revolving Facility and potential new financings utilizing certain of its unencumbered properties.