Note 6 - Debt |
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans are non-recourse except for instances of fraud or misapplication of funds. Mortgage, revolving credit facility, and unsecured term loan debt consisted of the following (dollars in thousands):
At June 30, 2026 and December 31, 2025, the Company had $275.0 million and $200.0 million, respectively, of outstanding borrowings under its revolving credit facility and unsecured term loan. At June 30, 2026, the aggregate maximum remaining borrowing availability under the revolving credit facility was $225.0 million.
During the six months ended June 30, 2026, the Company had net borrowings of $75.0 million under its revolving credit facility. During the six months ended June 30, 2025, the Company had net repayments of $40.0 million under its revolving credit facility and repaid the maturing mortgage loan of $16.0 million on the Hampton Inn Houston hotel property.
The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of June 30, 2026 and December 31, 2025 was $152.1 million and $154.0 million, respectively.
The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of June 30, 2026, the Company’s variable rate debt consisted of borrowings under its revolving credit facility and its unsecured term loan. The estimated fair value of the Company’s variable rate debt as of June 30, 2026 and December 31, 2025 was $275.0 million and $200.0 million, respectively.
Future scheduled principal payments of debt obligations as of June 30, 2026, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
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