v3.26.1
Secured Debt, net
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Secured Debt, net

7. Secured Debt, net

 

The following table details the Company's debt as of March 31, 2026 and December 31, 2025:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Indebtedness

 

Weighted-Average Interest Rate(1)

 

Weighted-Average Maturity Date

 

Principal Balance

 

 

Amortized Cost

 

 

Weighted-Average Interest Rate(1)

 

Weighted-Average Maturity Date

 

Principal Balance

 

 

Amortized Cost

 

Mortgage loans(2)

 

5.74%

 

3/2/2031

 

$

1,153,521

 

 

$

1,151,955

 

 

5.72%

 

3/5/2031

 

$

1,064,893

 

 

$

1,063,201

 

Secured note(3)

 

S + 2.00%

 

1/1/2028

 

 

50,300

 

 

 

50,300

 

 

S + 2.00%

 

1/1/2028

 

 

50,300

 

 

 

50,300

 

Deferred financing costs, net

 

 

 

 

 

 

 

 

 

(8,982

)

 

 

 

 

 

 

 

 

 

(8,845

)

Total secured debt, net:

 

 

 

 

 

$

1,203,821

 

 

$

1,193,273

 

 

 

 

 

 

$

1,115,193

 

 

$

1,104,656

 

 

(1)
The term "S" represents one-month SOFR, which was 3.65% and 3.88% as of March 31, 2026 and December 31, 2025, respectively.
(2)
Amortized cost is net of unamortized mortgage discount of $1,566 and $1,762 and premium of $0 and $70 as of March 31, 2026 and December 31, 2025, respectively.
(3)
Secured by an investment in real estate debt with the same benchmark rate and maturity date including two one-year extension options.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all of its covenants related to its mortgage loans and secured note.

The following table summarizes the future principal payments due under our secured debt, based on their maturities assuming all extension options have been exercised, as of March 31, 2026:

 

Year

 

Amount

 

2026 (Remaining)

 

$

1,889

 

2027

 

 

2,069

 

2028

 

 

58,443

 

2029

 

 

974

 

2030

 

 

744,231

 

Thereafter

 

 

396,215

 

Total:

 

$

1,203,821