| Summary of debt |
| | | | | | | | | | | | | | Carrying Value as of | | | | | | | | June 30, | | December 31, | | Effective | | Maturity | Mortgage Loans and Notes Payable | | 2025 | | 2024 | | Interest Rate | | Date | | | | (in thousands) | | | | | | Long Island City II, NY | | $ | 17,126 | | $ | 17,368 | | 2.25 | % | | Jul-26 | Long Island City III, NY | | | 17,127 | | | 17,371 | | 2.25 | % | | Aug-26 | Allen, TX (1) | | | 7,328 | | | 7,432 | | 6.29 | % | | Aug-26 | Dallas-Fort Worth, TX (1) | | | 108,000 | | | 108,000 | | 6.23 | % | | May-29 | Flushing II, NY | | | 54,300 | | | 54,300 | | 2.15 | % | | Jul-29 | Principal balance outstanding | | | 203,881 | | | 204,471 | | | | | | Plus: Unamortized fair value adjustment | | | 5,331 | | | 6,137 | | | | | | Less: Loan procurement costs, net | | | (4,120) | | | (4,693) | | | | | | Total mortgage loans and notes payable, net | | $ | 205,092 | | $ | 205,915 | | | | | |
| (1) | The Company owns an 85% interest in consolidated joint ventures that are the borrowers on these mortgage loans. |
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