
	Encumbered properties at March 31, 2026	Outstanding balance as of				Effective interest rate as of
		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		Interest rate	Maturity
Secured Term Loan 1 due 2028	15	$	85,771	$	85,771	4.60	%	4.60	%	Fixed	May 2028

Secured Term Loan 3 due 2031	7	33,066		33,066		2.93	%	2.93	%	Fixed	Dec 2031
Secured Term Loan 4 due 2033	56	219,500		219,500		6.54	%	6.54	%	Fixed	Jun 2033
Single Property Mortgage 1 due 2047	1	6,242		6,289		4.04	%	4.04	%	Fixed	May 2047
Single Property Mortgage 2 due 2049	1	14,305		14,412		2.99	%	2.99	%	Fixed	May 2049
Single Property Mortgage 3 due 2049	1	8,876		8,942		2.99	%	2.99	%	Fixed	May 2049
Multi Property Mortgage 1 due 2034	4	7,500		7,500		6.94	%	6.94	%	Fixed	Mar 2034
Gross mortgage notes payable (1)	85	375,260		375,480		5.53	%	5.52	%
Deferred financing costs, net		(6,462)		(6,753)
Mortgage premiums and discounts, net		(1,075)		(1,098)
Mortgage notes payable, net		$	367,723	$	367,629

Secured Fannie Mae Loan 1 due 2026	11	$	198,981	$	199,866	6.28	%	6.63	%	Variable	Nov 2026
Secured Fannie Mae Loan 2 due 2026	10	134,315		134,873		6.33	%	6.68	%	Variable	Nov 2026
Total Secured Fannie Mae Loan (1)(2)	21	$	333,296	$	334,739	6.30	%	6.65	%



Term Loan due 2028 (3)	—	$	150,000	$	150,000	5.68	%	5.51	%	Variable	Dec 2028
Deferred financing costs, net		(1,461)		(1,595)
Unsecured term loan, net		$	148,539	$	148,405

Unsecured revolving credit facility	59	$	186,000	$	186,000	5.68	%	5.94	%	Variable	Dec 2028

As of March 31, 2026, the Company had pledged $683.7 million in total real estate investments, at cost, as collateral for its $375.3 million of gross mortgage notes payable. The collateralized real estate investments are not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis.

Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants, including debt service coverage ratios. Notably, the Secured Term Loan 4 due 2033 loan agreement requires the OP to comply with certain covenants, including, maintaining combined cash and cash equivalents totaling at least $12.5 million at all times.

On October 31, 2016, the Company, through wholly-owned subsidiaries of the OP, entered into a master secured debt agreement with KeyBank (the “KeyBank Secured Debt”) and a master secured debt agreement with Capital One Multifamily Finance LLC, an affiliate of Capital One (the “Capital One Secured Debt” and, together with the KeyBank Secured Debt, “Fannie Mae Secured Debt”). Advances made under these agreements were assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program.

The Company may request future advances under the Fannie Mae Secured Debt by adding eligible properties to the collateral pool subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. Borrowings under the Fannie Mae Secured Debt bore monthly interest equal to the sum of the current SOFR for one-month denominated deposits and a spread of 2.41% and 2.46% for the Capital One Secured Debt and the KeyBank Secured Debt, respectively. The Fannie Mae Secured Debt matures on November 1, 2026. We currently expect to refinance the Fannie Mae Secured Debt on or before the maturity date.

Through March 31, 2026, the Company had provided cash deposits totaling $15.4 million to Fannie Mae because the debt service coverage ratios of the underlying properties of each facility were below the minimum required amounts per the debt agreements. These deposits are recorded as restricted cash on the Company’s consolidated balance sheets and are pledged as additional collateral for the Fannie Mae Secured Debt. These deposits will be refunded upon the earlier of the Company’s achievement of a debt service coverage ratio above the minimum required amount of 1.40 or the maturity or prepayment of the Fannie Mae Secured Debt.

As of March 31, 2026, the Company had pledged $617.0 million in total real estate investments, at cost as collateral under its Fannie Mae Secured Debt. All of the real estate assets pledged to secure borrowings under the Company’s Fannie Mae Secured Debt are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.

The Credit Agreement provides for (i) a $400 million senior unsecured revolving credit facility (the “Revolving Facility”) and (ii) a $150 million senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Facility, the “Credit Facilities”). The Credit Agreement also provides that, subject to customary conditions, including obtaining lender commitments and compliance with its financial maintenance covenants under the Credit Agreement, the OP may seek to increase the lending commitments under the Credit Agreement by up to $450 million of the Revolving Facility and/or the Term Loan.

The Revolving Facility and the Term Loan have a maturity date of December 11, 2028, which, in each case, may be extended for two one-year periods subject to customary conditions under the Credit Agreement. The OP may elect at any time and from time to time to prepay all or any portion of the loans under the Credit Facilities prior to maturity without premium or penalty, subject to payment of usual and customary breakage costs.

The interest rates applicable to loans under the Credit Facilities are, at the OP’s option, equal to either a base rate plus a margin ranging from 0.55% to 1.10% per annum or Daily Simple SOFR or Term SOFR plus a margin ranging from 1.55% to 2.10% per annum, in each case based on the Company’s consolidated leverage ratio. In addition, with respect to the Revolving Facility, the OP will pay, if the unused amount is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the unused amount is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the Revolving Facility.

The Credit Facilities are guaranteed, jointly and severally, by the Company and certain indirect subsidiaries of the Company. The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company, the OP and certain indirect subsidiaries of the Company to incur indebtedness, grant liens on their assets, make certain types of investments, engage in acquisitions, mergers or consolidations, sell assets, enter into certain transactions with affiliates and pay dividends or make distributions. The Credit Agreement also requires the Company to comply with consolidated financial maintenance covenants to be tested quarterly, including a minimum fixed charge coverage

The Credit Agreement also contains customary events of default, including the failure to make timely payments under the Credit Facilities, any event or condition that makes other material indebtedness due prior to its scheduled maturity, the failure to satisfy certain covenants and specified events of bankruptcy and insolvency. The occurrence of an event of default under the Credit Agreement may result in all loans and other obligations becoming immediately due and payable and the Credit Facilities being terminated and allow the lenders to exercise all rights and remedies available to them.

As of March 31, 2026, the Company had $869.1 million in total real estate investments, at cost as the borrowing base under the Credit Facilities. All of the real estate assets added to the borrowing base under the Credit Facilities are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.


	Mortgage notes payable		Fannie Mae Secured Debt		Term Loan		Revolving Facility		Total
2026	$	672	$	333,296	$	—	$	—	$	333,968
2027	922		—		—		—		922
2028	86,722		—		150,000		186,000		422,722
2029	982		—		—		—		982
2030	1,013		—		—		—		1,013
Thereafter	284,949		—		—		—		284,949
Total	$	375,260	$	333,296	$	150,000	$	186,000	$	1,044,556

The Company’s existing principal demands for cash are to fund acquisitions, capital expenditures, the payment of its operating and administrative expenses, debt service obligations (including principal repayment) and distributions to holders of its Series A Preferred Stock and Series B Preferred Stock. The Company closely monitors its current and anticipated liquidity position relative to its current and anticipated demands for cash and believes that it has sufficient current liquidity to meet its financial obligations for at least the next 12 months. The Company expects to fund its future short-term operating liquidity requirements, including distributions to holders of Series A Preferred Stock and Series B Preferred Stock, through a combination of current cash on hand, net cash provided by its operating activities and property dispositions, future takedowns under the Revolving Facility and potential new financings utilizing certain of its unencumbered properties.