
		Outstanding Loan Amount as of				Effective Interest Rate (1) as of
Portfolio	Encumbered Properties	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		Interest Rate	Maturity
		(In thousands)		(In thousands)
Capital One OMF Loan (2)(4)	38	330,248		363,957		3.71	%	3.58	%	Fixed	Dec. 2026
Barclays OMF Loan	56	219,500		234,173		6.45	%	6.45	%	Fixed	June 2033
Multi-Property CMBS Loan(4)	15	85,771		116,037		4.60	%	4.60	%	Fixed	May 2028
BMO CMBS Loan	7	33,066		37,472		2.89	%	2.89	%	Fixed	Dec. 2031
Fox Ridge Chenal - Little Rock, AR	1	14,624		14,833		2.95	%	2.95	%	Fixed	May 2049
Fox Ridge North Little Rock - North Little Rock, AR	1	9,074		9,204		2.95	%	2.95	%	Fixed	May 2049
BMO CPC Mortgage	4	7,500		7,500		6.84	%	6.84	%	Fixed	March 2034

Fox Ridge Bryant - Bryant, AR	1	$	6,381	$	6,471	3.98	%	3.98	%	Fixed	May 2047
Gross mortgage notes payable	123	706,164		789,647		4.64	%	4.56	%
Deferred financing costs, net of accumulated amortization (3)		(8,516)		(9,304)
Mortgage premiums and discounts, net		(1,140)		(1,183)
Mortgage notes payable, net		$	696,508	$	779,160

(2)Variable rate loan, based on daily SOFR (as defined below) as of June 30, 2025 and December 31, 2024, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. The Company allocated $330.2 million and $378.5 million of its “pay-fixed” interest rate swaps to this mortgage consistently as of June 30, 2025 and December 31, 2024, respectively. In December 2024, the Company proactively executed an amendment to the hedged notional amount to match the expected prospective loan balance of $364.0 million. This amendment became effective in January 2025.

(3)Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close or result in a definitive agreement.

As of June 30, 2025, the Company had pledged $1.2 billion in total real estate investments, at cost, as collateral for its $706.2 million of gross mortgage notes payable. This 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.

Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants, including debt service coverage ratios. Notably, the Barclays OMF 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 June 30, 2025, the Company was in compliance with these financial covenants.