Debt Obligations, net (Tables)

9 Months Ended

Sep. 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
		September 30, 2026			December 31, 2025			Interest Rates		Maturity Date
Debt obligations:
Safe Credit Facility		$	115,000		$	115,000		8.00	%	March 2029
Margin Loan Facility⁽¹⁾			46,524			91,087		SOFR plus 3.50	%	March 2028
Senior Construction Mortgage Loan⁽²⁾			—			64,270		—		—
Total debt obligations			161,524			270,357
Debt discounts and deferred financing costs, net			(2,993)			(1,636)
Total debt obligations, net⁽³⁾		$	158,531		$	268,721

(1)

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.

(2)	Refer to Note 5.

(3)

During the three months ended September 30, 2026 and 2025, the Company capitalized interest expense on qualifying real estate assets of $0.2 million and $1.2 million, respectively. During the nine months ended September 30, 2026 and 2025, the Company capitalized interest expense on qualifying real estate assets of $0.5 million and $3.8 million, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

Future Scheduled Maturities—As of September 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 three months)		$	—
2027			—
2028			46,524
2029			115,000
2030			—
Thereafter			—
Total principal maturities			161,524
Unamortized discounts and deferred financing costs, net			(2,993)
Total debt obligations, net		$	158,531