Loans Payable, net (Tables)

The Company’s loans payable, net consist of the following (in thousands, except monthly payment):


Property/Description	Monthly Payment		Interest Rate	Maturity	June 30, 2026		December 31, 2025
Variable-rate:
August 2025 Cedar Credit Facility	Interest only		n/a	August 2027	$	—	$	—
April 2025 Cedar Bridge Loan	Interest only		4.9%	February 2028	5,966		5,966
Fixed-rate:
Tuckernuck	$	32,202	5.0%	March 2026	—		4,460
Timpany Plaza	$	79,858	7.3%	September 2028	11,354		11,415
Village of Martinsville	$	89,664	4.3%	July 2029	13,608		13,849
Laburnum Square	$	37,842	4.3%	September 2029	7,433		7,499
Rivergate (1)	$	100,222	4.3%	September 2031	16,356		16,605
Convertible Notes	Interest only		7.0%	December 2031	29,353		29,353
June 2022 Term Loan (2)	Interest only		4.3%	July 2032	66,331		72,030
JANAF	Interest only		5.3%	July 2032	60,000		60,000
October 2022 Cedar Term Loan	Interest only		5.3%	November 2032	100,441		100,441
Patuxent Crossing/Coliseum Marketplace	Interest only		6.4%	January 2033	25,000		25,000
May 2023 Term Loan 1	$	373,981	6.2%	June 2033	60,376		60,744
May 2023 Term Loan 2	Interest only		6.2%	June 2033	53,070		53,070
June 2024 Term Loan	Interest only		6.8%	July 2034	22,409		22,409
Total Principal Balance					471,697		482,841
Unamortized deferred financing cost					(13,588)		(14,684)


Total Loans Payable, net					$	458,109	$	468,157

(1) In October 2026, the interest rate under this loan resets based on the 5-year U.S. Treasury Rate, plus 2.70%, with a floor of 4.25%.

(2) Commencing on August 10, 2027, until the maturity date of July 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount at that time.

Interest expense on the Convertible Notes consisted of the following (in thousands, except for shares):


For the Six Months Ended June 30,	Series B Preferred Stock number of shares (1)	Series D Preferred Stock number of shares (1)	Convertible Note interest at 7% coupon		Fair value adjustment		Interest expense
2026	—	49,618	$	1,027	$	759	$	1,786
2025	—	58,118	$	1,080	$	926	$	2,006
(1) Shares issued as interest payment on Convertible Notes.

The Company’s scheduled principal repayments on indebtedness as of June 30, 2026, are as follows (in thousands):


For the remaining six months ending December 31, 2026	$	1,005
December 31, 2027	2,915
December 31, 2028	23,080
December 31, 2029	25,482
December 31, 2030	6,665
December 31, 2031	49,596
Thereafter	362,954
Total principal repayments and debt maturities	$	471,697