| Schedule of indebtedness outstanding |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Book | | | | | Annual | | | | | | | | | | | | | | Value of | ($ in thousands) | | Interest | | | | | | Principal | | | | Collateral | | | | | Rate as of | | | | Next | | Outstanding as of | | | | as of | | | Interest | | June 30, | | Interest Rate | | Adjustment | | June 30, | | December 31, | | Maturity | | June 30, | Loan | | Payment Terms | | 2025 | | Terms | | Date | | 2025 | | 2024 | | Date | | 2025 | Farmer Mac Bond #6 | | Semi-annual | | 3.69% | | Fixed | | N/A | | $ | — | | $ | 13,827 | | April 2025 | | $ | — | Farmer Mac Bond #7 | | Semi-annual | | 3.68% | | Fixed | | N/A | | | — | | | 11,160 | | April 2025 | | | — | Farmer Mac Facility | | Monthly | | 5.83% | | SOFR + 1.50% | | N/A | | | 14,000 | | | — | | December 2025 | | | 55,841 | MetLife Term Loan #1 | | Semi-annual | | 5.55% | | Fixed | | N/A | | | 67,086 | | | 67,086 | | March 2026 | | | 102,171 | MetLife Term Loan #4 | | Semi-annual | | 5.55% | | Fixed for 3 years | | March 2026 | | | 1,200 | | | 1,550 | | June 2026 | | | 2,698 | MetLife Term Loan #5 | | Semi-annual | | 5.63% | | Fixed for 3 years | | January 2026 | | | 1,827 | | | 1,827 | | January 2027 | | | 5,370 | MetLife Term Loan #6 | | Semi-annual | | 5.55% | | Fixed for 3 years | | February 2026 | | | 16,226 | | | 16,226 | | February 2027 | | | 26,230 | MetLife Term Loan #7 | | Semi-annual | | 5.87% | | Fixed for 3 years | | June 2026 | | | 6,934 | | | 6,934 | | June 2027 | | | 12,120 | MetLife Term Loan #8 | | Semi-annual | | 4.12% | | Fixed for 10 years | | December 2027 | | | 44,000 | | | 44,000 | | December 2042 | | | 110,042 | MetLife Term Loan #9 | | Semi-annual | | 6.37% | | Fixed for 3 years | | May 2027 | | | 6,400 | | | 8,400 | | May 2028 | | | 12,434 | MetLife Term Loan #10 | | Semi-annual | | 6.36% | | Fixed | | N/A | | | 21,806 | | | 21,806 | | October 2030 | | | 35,751 | MetLife Facility | | Quarterly | | 6.40% | | SOFR + 2.10% | | N/A | | | — | | | — | | October 2027 | | | 79,929 | Rabobank (1) | | Semi-annual | | 6.14% | | SOFR + 1.81% | | March 2026 ⁽²⁾ | | | 4,912 | | | 11,758 | | March 2028 | | | 8,633 | Rutledge Facility | | Quarterly | | 5.70% | | SOFR + 1.40% | | N/A | | | 9,000 | | | — | | February 2027 | | | 147,274 | Total outstanding principal | | | | | | | | | | | 193,391 | | | 204,574 | | | | $ | 598,493 | Debt issuance costs | | | | | | | | | | | (644) | | | (891) | | | | | | Unamortized premium | | | | | | | | | | | — | | | — | | | | | | Total mortgage notes and bonds payable, net | | | | | | | | $ | 192,747 | | $ | 203,683 | | | | | |
| (1) | The Company has an interest rate swap agreement with Rabobank for $4.9 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $4.9 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 14.4% to 11.9%. |
| (2) | The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.” |
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| Schedule of aggregate maturities of long-term debt |
| | | | | | | | | | | | | ($ in thousands) | | | | | | | | | | | | | Year Ending December 31, | | Future Maturities | | 2025 (remaining six months) | | | | | | | | | | $ | 14,000 | | 2026 | | | | | | | | | | | 68,286 | | 2027 | | | | | | | | | | | 33,987 | | 2028 | | | | | | | | | | | 11,312 | | 2029 | | | | | | | | | | | — | | Thereafter | | | | | | | | | | | 65,806 | | | | | | | | | | | | $ | 193,391 | |
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