v3.25.2
Mortgage Notes Payable, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table reflects the Company’s mortgage notes payable as of June 30, 2025 and December 31, 2024:
Outstanding Loan Amount as of
Effective Interest Rate (1) as of
PortfolioEncumbered PropertiesJune 30,
2025		December 31, 2024June 30,
2025		December 31, 2024Interest RateMaturity
(In thousands)(In thousands)
Capital One OMF Loan (2)(4)
38330,248 363,957 3.71 %3.58 %Fixed

Dec. 2026
Barclays OMF Loan56219,500 234,173 6.45 %6.45 %FixedJune 2033
Multi-Property CMBS Loan(4)
1585,771 116,037 4.60 %4.60 %FixedMay 2028
BMO CMBS Loan733,066 37,472 2.89 %2.89 %FixedDec. 2031
Fox Ridge Chenal - Little Rock, AR114,624 14,833 2.95 %2.95 %FixedMay 2049
Fox Ridge North Little Rock - North Little Rock, AR19,074 9,204 2.95 %2.95 %FixedMay 2049
BMO CPC Mortgage47,500 7,500 6.84 %6.84 %FixedMarch 2034
Fox Ridge Bryant - Bryant, AR1$6,381 $6,471 3.98 %3.98 %FixedMay 2047
Gross mortgage notes payable123706,164 789,647 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 
_____________
(1)Calculated on a weighted average basis for all mortgages outstanding as of June 30, 2025 and December 31, 2024.
(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.
(4)2025 amounts include debt paydowns related to dispositions of $33.7 million on the Capital One OMF Loan, $30.6 million on the Multi-Property CMBS Loan and $14.7 million on the Barclays OMF Loan.