v3.25.2
Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Credit Facilities The Company had the following credit facilities outstanding as of June 30, 2025 and December 31, 2024:
Outstanding Facility
Amount as of
Effective Interest Rate (2) (3)
Credit Facilities
Encumbered Properties (1)
June 30,
2025		December 31, 2024June 30,
2025		December 31, 2024Interest RateMaturity
(In thousands)(In thousands)
Fannie Mae Master Credit Facilities:
Capital One Facility11$201,635 $203,405 6.84 %7.19 %VariableNov. 2026
KeyBank Facility10135,989 137,103 6.89 %7.24 %VariableNov. 2026
Total Fannie Mae Master Credit Facilities21$337,624 $340,508 
OMF Warehouse Facility—(4)— 21,708 — %7.55 %VariableDec. 2026
Total Credit Facilities21$337,624 $362,216 6.86 %7.23 %
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(1)Encumbered properties are as of June 30, 2025.
(2)Calculated on a weighted average basis for all credit facilities outstanding as of June 30, 2025 and December 31, 2024, respectively.
(3)The Company has nine active non-designated interest rate cap agreements with an aggregate notional amount of $481.3 million which limited one-month SOFR to 3.50%.The Company did not designate these derivatives as hedges and, accordingly, the changes in value and any cash received from these derivatives are presented within gain (loss) on derivative instruments in the consolidated statements of operations and comprehensive loss (see Note 7 — Derivatives and Hedging Activities for additional details). Inclusive of the impact of these non-designated derivatives, the economic interest rates on the Capital One Fannie Mae Facility and KeyBank Fannie Mae Facility were 5.89% and 5.93%, respectively, as of both June 30, 2025 and December 31, 2024.
(4)The Company repaid in full and terminated the OMF Warehouse Facility in April 2025.
Schedule of Maturities of Long-term Debt
The following table summarizes the scheduled aggregate principal payments for the five years subsequent to June 30, 2025 and thereafter, on all of the Company’s outstanding mortgage notes payable and credit facilities:
Future Principal Payments
(In thousands)Mortgage Notes PayableCredit FacilitiesTotal
2025 (remainder)$436 $2,885 $3,321 
2026331,141 334,739 665,880 
2027922 — 922 
202886,722 — 86,722 
2029982 — 982 
Thereafter285,961 — 285,961 
Total$706,164 $337,624 $1,043,788