v3.26.1
Mortgages Payable and Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following is a summary of the Company’s mortgages payable and credit facility as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
Borrower(s) (4)
Commitment AmountInterest RateMaturity Date
Balance as of
June 30, 2026 (2)
Balance as of
December 31, 2025 (2)
E66 Property (1) (3)
$33,400 
SOFR + 3.15%
07/09/2027$31,650 $- 
A93 Investment (3)
5,100
SOFR + 1.75%
10/29/20275,1005,100
FRIND- Eisenhower, LLC and FRIND SB 1, LLC (3)
14,500
SOFR + 2.15%
04/17/202814,47114,500
C20 Property30,0007.75%04/28/202830,000- 
FR-ICG EVO Owner LLC69,619
4.58% - 6.98% (5)
11/01/202869,054- 
West Kernan Investment (3)
40,550
SOFR + 2.31%
06/01/203240,55040,550 
AP98 Investment (3)
15,069
SOFR + 2.46%
07/01/203215,06915,069
CNP 87, LLC (3)
1,8754.75%07/15/20321,803- 
Total mortgages payable and credit facility$207,697 $75,219 
Less: Below-market debt value, net of amortization(247)- 
Less: Debt issuance costs, net of amortization(553)(568)
Total mortgages payable and credit facility, net$206,897 $74,651 
(1)Represents the Company's allocated commitment under a syndicated warehouse loan shared among multiple affiliated borrowers of up to $352.7 million in committed capital (the "Credit Facility").
(2)Loan balances exclude unamortized debt issuance costs and below-market debt value, which are presented separately.
(3)The Company is named as a guarantor under these mortgage payable agreements and as a carve-out guarantor under the Credit Facility. Both agreements contain various financial and non-financial covenants, such as general
liquidity and net worth requirements. For further details regarding the guarantees, see Note 13, Commitments and Contingencies.
(4)All mortgages payable and the credit facility are secured by the Company’s investments in real estate properties.
(5)The interest rate range reflects three separate tranches within the FR-ICG EVO Owner LLC mortgage agreement, each bearing a fixed rate.
Schedule of Maturities of Long-Term Debt
The following table presents the future principal payments due under the Company’s mortgages payable and credit facility as of June 30, 2026 (amounts in thousands):
Year
Amount (1)
Remainder of 2026$154 
202737,457
2028113,986
2029952
20301,011
Thereafter54,137
Total$207,697 
(1) Amounts exclude unamortized debt issuance costs and fair value adjustments, including below-market debt value.