v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Indebtedness

The following table contains summary information of the Company’s debt as of June 30, 2026 and December 31, 2025 (dollars in thousands):

 

 

 

 

 

 

Outstanding
principal as of

 

 

 

 

 

 

 

Description

 

 

Type

 

June 30, 2026

 

 

December 31, 2025

 

 

Interest Rate

 

 

Maturity Date (7)

 

Mortgages Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cityplace Note A-1

(1)

 

Floating

 

$

96,915

 

 

$

97,755

 

 

 

5.98

%

 

11/8/2026

 

Cityplace Note A-2

(1)

 

Floating

 

 

12,200

 

 

 

12,306

 

 

 

5.98

%

 

11/8/2026

 

Cityplace Note B-1

(1)

 

Floating

 

 

21,200

 

 

 

21,384

 

 

 

9.98

%

 

11/8/2026

 

Cityplace Note B-2

(1)

 

Floating

 

 

2,669

 

 

 

2,692

 

 

 

9.98

%

 

11/8/2026

 

Cityplace Mezz Note-1

(1)

 

Floating

 

 

3,029

 

 

 

3,055

 

 

 

9.98

%

 

11/8/2026

 

Cityplace Mezz Note-2

(1)

 

Floating

 

 

381

 

 

 

385

 

 

 

9.98

%

 

11/8/2026

 

NHT - Note A

(2)

 

Floating

 

 

23,743

 

 

 

26,381

 

 

 

5.65

%

 

2/8/2027

 

NHT - Note B

(2)

 

Floating

 

 

11,432

 

 

 

12,702

 

 

 

10.11

%

 

2/8/2027

 

OSL Loan

(3)

 

Fixed

 

 

14,140

 

 

 

—

 

 

 

8.50

%

 

2/12/2029

 

NHT - PC & B Loan

(3)

 

Floating

 

 

—

 

 

 

38,580

 

 

 

—

 

 

 

—

 

White Rock Center Note

(4)

 

Fixed

 

 

11,375

 

 

 

10,000

 

 

 

10.55

%

 

6/26/2031

 

Notes Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Note

 

 

Floating

 

 

13,250

 

 

 

13,250

 

 

 

6.75

%

 

8/8/2027

 

NexBank Revolver

(5)

 

Floating

 

 

8,830

 

 

 

10,994

 

 

 

7.11

%

 

11/21/2026

 

Convertible Notes Due to Affiliates

 

 

Fixed

 

 

58,111

 

 

 

58,111

 

 

2.25% - 7.50%

 

 

2/14/2027 - 9/30/2042

 

Promissory Notes Due to Affiliates

 

 

Fixed

 

 

847

 

 

 

817

 

 

 

7.33

%

 

4/17/2027

 

Prime Brokerage Borrowing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferies Line of Credit

 

 

Floating

 

 

5,907

 

 

 

5,136

 

 

 

4.12

%

 

N/A (8)

 

Total Debt

 

 

 

 

$

284,029

 

 

$

313,548

 

 

 

 

 

 

 

Fair market value adjustment, net of accumulated amortization

(6)

 

 

 

 

(5,491

)

 

 

(6,222

)

 

 

 

 

 

 

Deferred financing costs

 

 

 

 

 

(431

)

 

 

(303

)

 

 

 

 

 

 

 

 

 

 

 

$

278,107

 

 

$

307,023

 

 

 

 

 

 

 

 

(1)
This debt is secured by the following property: Cityplace.
(2)
This debt is secured by the following properties: Dallas Hilton Garden Inn and the St. Petersburg Marriott.
(3)
As of December 31, 2025, this debt was secured by the following properties: Hyatt Place Park City and Bradenton Hampton Inn & Suites. As of June 30, 2026, following the sale of the Bradenton Hampton Inn & Suites on March 24, 2026, this debt is secured by the following property: Hyatt Place Park City.
(4)
This debt is secured by the following property: White Rock Center.
(5)
This debt is secured by the following property and investments: 5916 W Loop 289 and IQHQ, LP.
(6)
The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense over the terms of the notes.
(7)
See Note 17 for additional information regarding the maturity date of the loans.
(8)
This debt balance has no stated maturity date.
Long-term indebtedness is carried at amounts that reasonably approximate their fair value at June 30, 2026 and December 31, 2025, except for the following debt (in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Outstanding
Principal Balance

 

 

Estimated Fair Value

 

 

Outstanding
Principal Balance

 

 

Estimated Fair Value

 

Notes payable

$

81,038

 

 

$

65,682

 

 

$

83,172

 

 

$

67,959

 
Schedule of Maturities of Long-Term Debt

The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2026 are as follows (in thousands):

 

 

 

Credit
Facilities

 

 

Mortgages
Payable

 

 

Notes
Payable

 

 

Prime
Brokerage
Borrowing

 

 

Total

 

2026

 

$

8,830

 

 

$

136,394

 

 

$

—

 

 

$

—

 

 

$

145,224

 

2027

 

 

—

 

 

 

35,175

 

 

 

34,597

 

 

 

—

 

 

 

69,772

 

2028

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

2029

 

 

—

 

 

 

14,140

 

 

 

—

 

 

 

—

 

 

 

14,140

 

2030

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Thereafter

 

 

—

 

 

 

11,375

 

 

 

37,611

 

 

 

5,907

 

 

 

54,893

 

Total

 

$

8,830

 

 

$

197,084

 

 

$

72,208

 

 

$

5,907

 

 

$

284,029