At June 30, 2025 and December 31, 2024, notes payable consisted of the following:


		June 30, 2025		December 31, 2024
		(in thousands)
Syndicated credit facility dated September 11, 20241		144,444		147,979
Mortgage notes2		105,508		106,979
Total notes payable		249,952		254,958
Less: current portion of notes payable		(15,883)		(12,062)
Notes payable, net of current portion	$	234,069	$	242,896

1 The Credit Facility (as defined below in Section (a) of this Note 8) was issued in an aggregate amount of $150,000 thousand, and will bear interest at the Secured Overnight Financing Rate (“SOFR”) + 500 basis points, payable monthly. As of June 30, 2025 and December 31, 2024, the Credit Facility's outstanding principal balance was $146,250 thousand and $150,000 thousand, respectively. The Credit Facility was issued at a discount, the carrying value of which was $1,806 thousand and $2,021 thousand as of June 30, 2025 and December 31, 2024, respectively. The Credit Facility matures on September 11, 2029.

2 The Company has issued mortgage notes in connection with various operating properties at an aggregate value of $112,285 thousand as of June 30, 2025 and December 31, 2024. The mortgage notes were issued at a discount, the carrying value of which was $904 thousand and $1,007 thousand, and are presented net of principal payments of $5,873 thousand and $4,299 thousand as of June 30, 2025 and December 31, 2024, respectively. These mortgage notes mature between August 20, 2025 and June 5, 2035 with interest rates ranging between 5.00% and 7.77%.

On September 11, 2024, the Company entered into a $150,000 thousand syndicated credit facility (the “Credit Facility”) led by Valley National Bank. The Credit Facility has a maturity date of September 11, 2029 and bears interest from the date of issuance at the SOFR + 500 basis points, payable quarterly. As of June 30, 2025, the floating interest rate on the Credit Facility was 9.31%.

The Credit Facility includes certain covenants which require the Company to maintain a debt service coverage ratio of 1.5 to 1.0, a funded debt to Adjusted Earnings Before Interest Depreciation and Amortization (“Adjusted EBITDA”) (see “Non-GAAP Measure” below for additional information on Adjusted EBITDA) ratio no greater than 3.5 to 1.0, and a tangible net worth of at least $500 thousand. As of June 30, 2025, the Company was in compliance with all covenants associated with the Credit Facility.