v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
Our borrowing arrangements include a revolving credit facility, secured lending agreement and mortgage notes payable. The table below summarizes our borrowing arrangements as of March 31, 2026 and December 31, 2025:
March 31, 2026Principal Balance Outstanding
$ in thousandsCurrent Maturity
Extended Maturity Date(1)
Interest Rate(2)
Weighted Average Interest RateMaximum Facility SizeAvailable CapacityMarch 31, 2026December 31, 2025
Revolving Credit Facility(3)
7/23/20277/21/2028
S + applicable margin(3)
5.22%$250,000 $94,237 $— $40,000 
Secured Lending Agreement
Repurchase Agreement
Citibank12/9/202712/9/2029
S + 1.70%
5.32%$300,000 $142,320 $157,680 $66,480 
Mortgage Notes Payable
The Carmin3/5/20273/5/2032
S + 1.75%
5.43%$84,000 $— $84,000 $84,000 
Cortlandt Crossing3/1/2027N/A3.13%3.13%39,660 — 39,660 39,660 
Everly Roseland4/28/20274/28/2029
S + 1.45%
5.13%113,500 1,505 111,995 111,658 
Total mortgages payable235,655 235,318 
Deferred financing costs, net(502)(570)
Mortgages payable, net$235,153 $234,748 
(1)Assumes all available extension options are exercised upon meeting certain conditions, which may include payment of a non-refundable extension fee.
(2)The term “S” refers to the relevant floating benchmark rate, SOFR.
(3)Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) SOFR, (ii) SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (a) federal funds rate plus 0.5%, (b) the rate of interest as publicly announced by Bank of America, N.A. (“Bank of America”) as its “prime rate”, (c) SOFR with an interest period of one month plus 1.0%, or (d) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio.
As of March 31, 2026, we were in compliance with all loan covenants in our revolving credit facility, secured lending and mortgage note agreements.
Revolving Credit Facility
On January 22, 2021, we entered into the Revolving Credit Facility with Bank of America. As of March 31, 2026, the aggregate commitment is $100.0 million with an ability to request increases up to $250.0 million in aggregate commitments. The unused commitment fee is 0.25% if usage is less than 50% and 0.15% if usage is greater than or equal to 50% that accrues on the daily amount by which the aggregate commitments exceed the total outstanding balance of the Revolving Credit Facility.
Secured Lending Agreement
In December 2025, we entered into a traditional repurchase agreement with Citibank. As of March 31, 2026, the aggregate commitment is $160.2 million with the ability to request increases up to $300.0 million in aggregate commitments, subject to certain conditions. We have pledged two investments in commercial loans with a fair value of $197.1 million as collateral for this agreement. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our repurchase agreement counterparty has the right to resell or repledge the collateral posted but has the obligation to return the pledged collateral upon maturity of the repurchase agreement.
We were not required to post any margin under our master repurchase agreements as of March 31, 2026. A margin deficiency may generally result from either a decline in the underlying loans’ market value or a shortfall in operating performance of the property. We may finance multiple commercial loan investments under a repurchase agreement; therefore, a margin excess in one asset could help mitigate a margin deficiency in another asset under the same repurchase agreement. We intend to maintain a level of liquidity that will enable us to meet margin calls. Master repurchase agreements are recourse obligations.
Mortgage Notes Payable
We have entered into mortgage notes that are secured by our real estate investments.
On March 5, 2026, we exercised the first extension option of the mortgage note for The Carmin, which extended the maturity date to March 5, 2027. We have five remaining extension options available which would extend the maturity date to March 5, 2032.
Financing Obligation, Net
In connection with the failed sale and leaseback of The Carmin property, as of March 31, 2026, we hold a financing obligation on our condensed consolidated balance sheets of $54.0 million, net of debt issuance costs.
The following table presents the future principal payments due under our outstanding borrowings as of March 31, 2026:
in thousands
Year
Revolving Credit Facility(1)
Secured Lending Agreement(1)
Mortgages Payable(1)(2)
Financing Obligation(3)
Total
2026 (remaining)$— $— $— $9 $9 
2027— — 39,660 15 39,675 
2028— — — 18 18 
2029— 157,680 111,995 21 269,696 
2030— — — 25 25 
2031— — — 28 28 
Thereafter— — 84,000 36,217 120,217 
Total$— $157,680 $235,655 $36,333 $429,668 
(1)Assumes all extension options are exercised that may be extended at our option, subject to certain conditions.
(2)The total excludes deferred financing costs which are included in the mortgages payable, net balance presented in the condensed consolidated balance sheets.
(3)The total principal payments will not exceed the difference between the total financing obligation of $54.0 million and the initial carrying value of the land of $17.6 million, resulting in maximum principal payments of $36.3 million over the term of the arrangement.