| Schedule of Long-Term Debt Indebtedness |
The following table contains summary information of the Company’s debt as of December 31, 2025 and 2024 (dollars in thousands):
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Outstanding
principal as of |
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Outstanding
principal as of |
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Description |
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Type |
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December 31, 2025 |
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December 31, 2024 |
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Interest Rate |
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Maturity Date (7) |
Mortgages Payable |
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Cityplace Note A-1 |
(1) |
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Floating |
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$ |
97,755 |
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$ |
99,435 |
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6.15 |
% |
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3/8/2026 |
Cityplace Note A-2 |
(1) |
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Floating |
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12,306 |
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12,517 |
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6.15 |
% |
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3/8/2026 |
Cityplace Note B-1 |
(1) |
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Floating |
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21,384 |
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21,751 |
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10.15 |
% |
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3/8/2026 |
Cityplace Note B-2 |
(1) |
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Floating |
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2,692 |
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2,738 |
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10.15 |
% |
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3/8/2026 |
Cityplace Mezz Note-1 |
(1) |
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Floating |
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3,055 |
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3,107 |
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10.15 |
% |
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3/8/2026 |
Cityplace Mezz Note-2 |
(1) |
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Floating |
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385 |
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391 |
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10.15 |
% |
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3/8/2026 |
NHT - Note A |
(2) |
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Floating |
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26,381 |
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50,188 |
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6.15 |
% |
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2/8/2026 |
NHT - Note B |
(2) |
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Floating |
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12,702 |
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24,165 |
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10.61 |
% |
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2/8/2026 |
NHT - PC & B Loan |
(3) |
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Floating |
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38,580 |
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37,875 |
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8.85 |
% |
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2/5/2026 |
White Rock Center Note |
(4) |
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Fixed |
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10,000 |
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10,000 |
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10.00 |
% |
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8/2/2029 |
Notes Payable |
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Dominion Note |
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Floating |
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13,250 |
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13,250 |
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6.75 |
% |
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8/8/2026 |
Raymond James Loan |
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Floating |
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— |
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11,000 |
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NexBank Revolver |
(5) |
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Floating |
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10,994 |
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16,485 |
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7.75 |
% |
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5/21/2026 |
Convertible Notes Due to Affiliates |
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Fixed |
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58,111 |
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57,986 |
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2.25% - 7.50% |
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2/14/2027 - 9/30/2042 |
Promissory Notes Due to Affiliates |
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Fixed |
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817 |
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— |
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7.33 |
% |
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4/17/2027 |
Prime Brokerage Borrowing |
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Jefferies Line of Credit |
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Floating |
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5,136 |
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1,222 |
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4.14 |
% |
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N/A (8) |
Total Debt |
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$ |
313,548 |
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$ |
362,110 |
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Fair market value adjustment, net of accumulated amortization |
(6) |
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(6,222 |
) |
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(7,740 |
) |
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Deferred financing costs |
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(303 |
) |
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(315 |
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$ |
307,023 |
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$ |
354,055 |
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(1)This debt is secured by the following property: Cityplace. (2)This debt is secured by the following properties: HGI Property and the St. Pete Property. (3)This debt is secured by the following properties: Park City and Bradenton. (4)This debt is secured by the following property: White Rock Center. (5)This debt is secured by the following property and investments: 5916 W Loop 289 and IQHQ, LP ("IQHQ LP"). (6)The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense. (7)See Note 18 for additional information regarding the maturity date of the loans. (8)This debt balance has no stated maturity date. Long-term indebtedness is carried at amounts that reasonably approximate their fair value at December 31, 2025 and 2024, except for the following debt (in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Outstanding
Principal Balance |
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Estimated Fair Value |
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Outstanding
Principal Balance |
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Estimated Fair Value |
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Notes payable |
$ |
83,172 |
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$ |
67,959 |
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$ |
98,721 |
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$ |
78,607 |
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| Schedule of Maturities of Long-Term Debt |
The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2025 are as follows (in thousands):
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Credit
Facilities |
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Mortgages
Payable |
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Notes
Payable |
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Prime
Brokerage
Borrowing |
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Total |
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2026 |
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$ |
10,994 |
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$ |
215,240 |
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$ |
13,250 |
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$ |
— |
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$ |
239,484 |
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2027 |
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— |
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— |
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21,317 |
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— |
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21,317 |
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2028 |
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— |
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— |
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— |
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— |
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— |
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2029 |
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— |
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10,000 |
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— |
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— |
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10,000 |
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2030 |
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— |
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— |
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— |
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— |
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— |
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Thereafter |
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— |
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— |
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37,611 |
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5,136 |
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42,747 |
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Total |
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$ |
10,994 |
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$ |
225,240 |
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$ |
72,178 |
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$ |
5,136 |
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$ |
313,548 |
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