v3.26.1
Mortgage Notes, Repurchase Facility and Unsecured Revolving Credit Facility (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Instrument [Line Items]  
Summary of the Mortgage Notes Secured by Properties and Repurchase Facility
The Company’s borrowings from the Credit Facility as of June 30, 2026 and December 31, 2025 are detailed in the following table ($ in thousands):
Borrowings Outstanding
Maximum Facility SizeWeighted-Average Interest RateMaturity DateJune 30, 2026December 31, 2025
Credit Facility$325,000 
SOFR + 1.40%
July 15, 2028$55,000 $73,000 
Repurchase Facility  
Debt Instrument [Line Items]  
Summary of the Mortgage Notes Secured by Properties and Repurchase Facility
The Company’s borrowings from the Repurchase Facility as of June 30, 2026 and December 31, 2025 are detailed in the following table ($ in thousands):
Borrowings Outstanding
Maximum Facility SizeWeighted-Average Interest RateWeighted-Average Maturity DateJune 30, 2026December 31, 2025
Repurchase Facility$250,000 
SOFR + 1.52%
August 22, 2027$228,450 $168,450 
Less: Unamortized deferred financing costs(567)(587)
$250,000 $227,883 $167,863 
Mortgage notes  
Debt Instrument [Line Items]  
Summary of the Mortgage Notes Secured by Properties and Repurchase Facility
The following is a summary of the mortgage notes secured by the Company’s properties ($ in thousands):
Principal Balance Outstanding
IndebtednessInterest RateMaturity DateJune 30, 2026December 31, 2025
Fixed rate debt secured by our properties
Caroline West Gray5.44%December 1, 2029$45,911 $45,911 
Caroline Post Oak5.44%December 1, 202940,528 40,528 
Coda on Centre4.28%May 1, 202927,582 27,860 
The Elmstead(1)
4.30%April 1, 203121,188 21,245 
Bass Lofts3.95%September 5, 202714,710 14,902 
One Brooklyn4.35%July 1, 20286,600 6,600 
Charleston5.08%September 1, 203059,728 59,728 
Baker Chocolate3.91%January 1, 202823,500 23,500 
Total fixed rate239,747 240,274 
Variable rate debt secured by our properties
6200 Bristol(2)
SOFR + 2.05%
April 1, 202910,000 10,000 
Norfolk Industrial Portfolio(3)
SOFR + 1.75%
June 19, 203043,700 43,700 
Preserve at Pine Valley(4)
SOFR + 1.50%
December 10, 203021,200 21,200 
Vineyard Commons(5)
SOFR + 1.40%
January 1, 203045,175 45,175 
Stablewood(6)
SOFR + 3.75%
August 8, 20289,568 5,292 
Total variable rate129,643 125,367 
Total loans secured by real estate369,390 365,641 
Deferred financing costs, net(3,761)(4,327)
Mortgage discount, net(1,563)(1,869)
Total debt secured by our properties$364,066 $359,445 
(1)This loan is comprised of a senior and a mezzanine loan. The interest rate and maturity date presented are the weighted average.
(2)The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 6.26%.
(3)The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 5.41%.
(4)The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 4.90%.
(5)The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 4.88%.
(6)Represents a line of credit secured by real estate with a maximum facility size of $50 million.
Summary of Future Principal Payment Due Under Mortgage Notes and Repurchase Facility
The following table details the future principal payments due under the Company’s mortgage notes as of June 30, 2026 ($ in thousands):
YearMortgage Notes
2026 (remaining)$648 
202715,458 
202841,856 
2029125,273 
2030166,662 
Thereafter19,493 
Total future principal payments$369,390