v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Activity
The following table summarizes the debt balances as of June 30, 2026 and December 31, 2025, and the debt activity for the six months ended June 30, 2026 (in thousands):
During the Six Months Ended June 30, 2026
Balances as of December 31, 2025Debt Issuances & AssumptionsRepaymentsAccretion & (Amortization)Balances as of June 30, 2026
Mortgages Payable:
Fixed rate mortgages payable$268,403 $— $(2,000)$— $266,403 
Variable rate mortgages payable208,556 575 (330)— 208,801 
476,959 575 (2,330)— 475,204 
Deferred debt issuance costs — Mortgages Payable(3,520)(80)— 1,231 (2,369)
Total Mortgages Payable473,439 495 (2,330)1,231 472,835 
Other Debt:
Lending division credit facility10,449 — (10,449)— — 
Junior subordinated notes27,070 — — — 27,070 
Discount on junior subordinated notes(1,190)— — 55 (1,135)
Total Other Debt36,329 — (10,449)55 25,935 
Total Debt, Net$509,768 $495 $(12,779)$1,286 $498,770 
Schedule of Future Principal Payments on Debt
Future principal payments on the Company’s debt (face value) as of June 30, 2026 are as follows (in thousands):
Years Ending December 31,
Mortgages Payable (1)
Junior Subordinated NotesTotal
2026 (Six months ending December 31, 2026)$97,460 $— $97,460 
2027242,554 — 242,554 
202830,190 — 30,190 
2029— — — 
2030105,000 — 105,000 
Thereafter— 27,070 27,070 
$475,204 $27,070 $502,274 
(1)With regard to the $64.3 million 1150 Clay Mortgage, which matures on June 7, 2027, and the $97.1 million Oakland Office Mortgage, which matured on July 1, 2026, see the discussion under Fixed Rate Mortgages Payable. With regard to the $81.0 million Channel House Mortgage, which matures on January 31, 2027, see the discussion under Variable Rate Mortgages Payable.