Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2026

Debt Obligations, net

Schedule of debt obligations

The Company’s debt obligations were as follows ($ in thousands):


		Carrying Value as of						Stated		Scheduled
		June 30, 2026			December 31, 2025			Interest Rates		Maturity Date⁽¹⁾
Debt obligations:
Safe Credit Facility		$	115,000		$	115,000		8.00	%	March 2028
Margin Loan Facility⁽²⁾			94,524			91,087		SOFR plus 3.50	%	March 2028
Senior Construction Mortgage Loan⁽³⁾			—			64,270		—		—
Total debt obligations			209,524			270,357
Debt discounts and deferred financing costs, net			(686)			(1,636)
Total debt obligations, net⁽⁴⁾		$	208,838		$	268,721

(1)	Represents the extended maturity date.

(2)

The Company has the option to pay interest in kind (“PIK”) on its quarterly interest payments and such PIK is added to the principal balance on the Margin Loan Facility. The applicable margin on the Margin Loan Facility increases by 25 basis points for the entirety of the interest period immediately succeeding any interest period with respect to which the Company makes a PIK election.

(3)	Refer to Note 5.

(4)

During the three months ended June 30, 2026 and 2025, the Company capitalized interest expense on qualifying real estate assets of $0.2 million and $1.4 million, respectively. During the six months ended June 30, 2026 and 2025, the Company capitalized interest expense on qualifying real estate assets of $0.3 million and $2.5 million, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

Future Scheduled Maturities—As of June 30, 2026, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company’s option, are as follows ($ in thousands):


2026 (remaining six months)		$	—
2027			—
2028			209,524
2029			—
2030			—
Thereafter			—
Total principal maturities			209,524
Unamortized discounts and deferred financing costs, net			(686)
Total debt obligations, net		$	208,838