v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt  
Scheduled Principal Payments on Debt

Scheduled principal payments on our debt are as follows:

 

 2026 (Remaining)

 

$

715

 

 2027

 

 

4,181

 

 2028

 

 

367,311

 

 2029

 

 

201,293

 

 2030

 

 

178,368

 

 2031

 

 

372,304

 

Thereafter

 

 

101,211

 

Total

 

$

1,225,383

 
Mortgage notes  
Debt  
Schedule of Debt As of September 30, 2026, the ABS Program had an outstanding principal balance of $934,492, of which $645,444 related to properties contributed by NMNL II, with the remainder attributable to properties contributed by the Company, as detailed below.

 

 

Weighted
average
contractual

 

 

Weighted
average
maturity

 

Principal Balance Outstanding

 

Indebtedness

 

interest rate

 

 

dates

 

September 30, 2026

 

 

December 31, 2025

 

ABS Program(1)

 

 

 

 

 

 

 

 

 

 

 

$338,300 Series 2025-1, Class A

 

 

5.14

%

 

11/25/2055

 

$

92,340

 

 

$

92,493

 

$98,700 Series 2025-1, Class B

 

 

5.33

%

 

11/25/2055

 

 

26,941

 

 

 

26,985

 

$56,400 Series 2025-1, Class C

 

 

6.07

%

 

11/25/2055

 

 

15,395

 

 

 

15,420

 

$325,500 Series 2026-1, Class A

 

 

5.51

%

 

7/21/2056

 

 

120,298

 

 

 

—

 

$131,200 Series 2026-1, Class B

 

 

5.70

%

 

7/21/2056

 

 

34,074

 

 

 

—

 

Total / Weighted average(2)

 

 

5.43

%

 

3/31/2056

 

 

289,048

 

 

 

134,898

 

Mortgages

 

 

3.98

%

 

5/27/2030

 

 

739,724

 

 

 

782,757

 

Mortgages payable

 

 

 

 

 

 

 

1,028,772

 

 

 

917,655

 

Unamortized deferred financing costs

 

 

 

 

 

 

 

(14,185

)

 

 

(13,303

)

Mortgages payable, net

 

 

 

 

 

 

$

1,014,587

 

 

$

904,352

 

 

 

(1)
Amounts shown exclude notes issued under the ABS Program allocated to NMNL II related to properties contributed by NMNL II that are subject to an intercreditor agreement. The ABS Program is cross-collateralized by properties contributed by each of NMNL II and the Company. Notwithstanding the cross-collateralization, each of the Company and NMNL II retains independent ownership of the assets it contributes to the ABS Program. While the Company and NMNL II entered into an intercreditor agreement designed to allocate liabilities associated with the ABS Program pro rata based on the assets each party finances and provides for indemnification between each of NMNL II and the Company with respect to any liabilities arising from assets contributed by such party, such intercreditor agreement may not prevent the Company from experiencing losses related to properties contributed by NMNL II.
(2)
Weighted on basis of total issuance, including both the portion of the notes related to properties contributed by the Company and NMNL II.
Revolving line of credit  
Debt  
Schedule of Debt

The following table provides details as of September 30, 2026 and December 31, 2025:

 

 

Total Amount Outstanding

 

Indebtedness

 

September 30, 2026

 

 

December 31, 2025

 

Revolving credit facility(1)

 

$

53,834

 

 

$

28,590

 

Unamortized deferred financing costs

 

 

(811

)

 

 

(822

)

Revolving credit facility, net

 

$

53,023

 

 

$

27,768

 

 

 

(1)
The interest rate is equal to the daily simple SOFR rate (rounded to the nearest 1/100th) + 2.75%. The weighted average interest rate for the nine months ended September 30, 2026 was 6.40% and the weighted average interest rate for the nine months ended September 30, 2025 was 7.08%.
Aggregation Facility  
Debt  
Schedule of Debt As of September 30, 2026, the Aggregation Facility had an outstanding principal amount of $207,750, of which $64,973 related to properties contributed by NMNL III and $142,777 related to properties contributed by the Company, as set forth below.

 

 

Total Amount Outstanding

 

Indebtedness

 

September 30, 2026

 

 

December 31, 2025

 

Aggregation facility(1)

 

$

142,777

 

 

$

—

 

 

 

(1)
The interest rate is equal to the daily simple SOFR rate (rounded to the nearest 1/100th) + 2.00%. The weighted average interest rate for the nine months ended September 30, 2026 was 5.65%.