v3.25.4
Mortgage Notes Payable and Other Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable
The following table reflects the Company’s mortgage notes payable and other debt as of December 31, 2025 and 2024 (dollars in thousands):
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:
2025202420252024Maturity
Secured Term Loan 1 due 2028
15$85,771 $116,037 4.60 %4.60%FixedMay 2028Multi-Property CMBS Loan
Secured Term Loan 2 due 2026 (2)
—— 363,957 — %3.63%FixedDec 2026Capital One OMF Loan
Secured Term Loan 3 due 2031
733,066 37,472 2.93 %2.93%FixedDec 2031BMO CMBS Loan
Secured Term Loan 4 due 203356219,500 234,173 6.54 %6.54%FixedJun 2033Barclays OMF Loan
Single Property Mortgage 1 due 204716,289 6,471 4.04 %4.04%FixedMay 2047Fox Ridge Bryant
Single Property Mortgage 2 due 2049114,412 14,833 2.99 %2.99%FixedMay 2049Fox Ridge Chenal
Single Property Mortgage 3 due 204918,942 9,204 2.99 %2.99%FixedMay 2049Fox Ridge North Little Rock
Multi Property Mortgage 1 due 203447,500 7,500 6.94 %6.94%FixedMar 2034BMO CPC Mortgage
Gross mortgage notes payable85375,480 789,647 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 202611$199,866 $203,405 6.63 %7.29%VariableNov 2026
Capital One Secured Debt
Secured Fannie Mae Loan 2 due 202610134,873 137,103 6.68 %7.34%VariableNov 2026
KeyBank Secured Debt
Total Secured Fannie Mae Loan (3)
21334,739 340,508 6.65 %7.31%
OMF Warehouse Facility (4)
—— 21,708 — 7.66%VariableDec 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 %—%VariableDec 2028
Deferred financing costs, net
(1,595)— 
Unsecured term loan, net
$148,405 $— 
Unsecured revolving credit facility
59$186,000 $— 5.94 %—%VariableDec 2028
__________
(1)Calculated on a weighted average basis over 365 days for all mortgages outstanding as of December 31, 2025 and 2024.
(2)In December 2025, the Company repaid in full and terminated the Secured Term Loan 2 due 2026 in connection with the closing of the Credit Facilities (as defined below).
(3)The Secured Fannie Mae Loan has interest rate caps that limit one-month SOFR at 3.50%.
(4)In April 2025, the Company repaid in full and terminated the OMF Warehouse Facility.
(5)The Term loan due 2028 has interest rate swaps that convert variable interest rates to fixed interest rates.
Schedule of Future Principal Payments
As of December 31, 2025, the Company’s indebtedness had the following maturities (dollars in thousands):
Mortgage notes payable
Fannie Mae and other secured debt
 Term Loan
Revolving Facility
Total
2026
$893 $334,739 $— $— $335,632 
2027922 — — — 922 
202886,722 — 150,000 186,000 422,722 
2029982 — — — 982 
20301,013 — — — 1,013 
Thereafter284,948 — — — 284,948 
Total$375,480 $334,739 $150,000 $186,000 $1,046,219