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Debt | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes the Company’s indebtedness as of June 30, 2025 and December 31, 2024 (dollars in thousands):
| Outstanding Balance as of June 30, 2025 |  | Outstanding Balance as of December 31, 2024 |  | Interest Rate at June 30, 2025 |  | Maturity Date
Revolving Credit Facility(1) | $ | 46,000 |  |  | $ | 14,000 |  |  | SOFR+150 bps(2) |  | January 2026
2021 Term Loan(1) | 75,000 |  |  | 75,000 |  |  | SOFR+145 bps(2) |  | January 2027
2022 Term Loan(1) | 175,000 |  |  | 175,000 |  |  | SOFR+145 bps(2) |  | February 2028
Secured Borrowings: |  |  |  |  |  |  |
Vision Bank(3) | 1,409 |  |  | 1,409 |  |  | 3.69 | % |  | September 2041
First Oklahoma Bank(4) | 290 |  |  | 299 |  |  | 3.63 | % |  | December 2037
Vision Bank – 2018(5) | 844 |  |  | 844 |  |  | 3.69 | % |  | September 2041
Seller Financing(6) | — |  |  | 100 |  |  | — | % |  | January 2025
AIG(7) | 30,225 |  |  | 30,225 |  |  | 2.80 | % |  | January 2031
Seller Financing - 2024 (8) | 1,400 |  |  | 1,400 |  |  | 5.00 | % |  | September 2039
Total Principal | 330,168 |  |  | 298,277 |  |  |  |  |
Unamortized deferred financing costs | (1,128) |  |  | (1,360) |  |  |  |  |
Unamortized debt discount | (205) |  |  | (209) |  |  |  |  |
Total Debt | $ | 328,835 |  |  | $ | 296,708 |  |  |  |  |
Explanatory Notes: (1)On August 9, 2021, the Company had entered into the Credit Facilities, which initially included the $150.0 million Revolving Credit Facility and the $50.0 million 2021 Term Loan. On May 11, 2022, the Company amended the Credit Facilities (the "First Amendment") to, among other things, add a new $75.0 million senior unsecured delayed draw term loan facility (the "2022 Term Loan" and, together with the 2021 Term Loan, the "Term Loans"), replace the LIBOR with the Secured Overnight Financing Rate ("SOFR") as the benchmark interest rate and allow for a decrease in the applicable margin by 0.02% if the Company achieves certain sustainability targets. On December 6, 2022, the Company exercised $40.0 million of term loan accordion under the 2022 Term Loan. On July 24, 2023, the Company amended the Credit Facilities (the "Second Amendment") to, among other things, add a daily simple SOFR-based option to the term SOFR-based floating interest rate option as a benchmark rate for borrowings under the Credit Facilities and further exercised $35.0 million of accordion under the Term Loans. On October 25, 2024, the Company amended the Credit Facilities (the "Third Amendment") to, among other things, increase the 2022 Term Loan commitments in an aggregate principal amount of up to $50.0 million in which the Company further exercised $40.0 million under the 2022 Term Loan, and on a delayed-draw basis, $10.0 million. The Credit Facilities include an accordion feature which permits the Company to borrow up to an additional (i) $150.0 million under the Revolving Credit Facility and (ii) $50.0 million under the Term Loans, subject to customary terms and conditions. The Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods subject to customary conditions, the 2021 Term Loan matures in January 2027 and the 2022 Term Loan matures in February 2028. Borrowings under the Credit Facilities carry an interest rate of, (i) in the case of the Revolving Credit Facility, either a base rate plus a margin ranging from 0.5% to 1.0% per annum or Adjusted Term SOFR (as defined below) plus a margin ranging from 1.5% to 2.0% per annum, or (ii) in the case of the Term Loans, either a base rate plus a margin ranging from 0.45% to 0.95% per annum or Adjusted Term SOFR plus a margin ranging from 1.45% to 1.95% per annum, in each case depending on the Company's consolidated leverage ratio. With respect to the Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the Revolving Credit Facility. The Credit Facilities contain a number of customary financial and non-financial covenants. During the three and six months ended June 30, 2025, the Company incurred $0.05 million and $0.1 million, respectively, and during the three and six months ended June 30, 2024, the Company incurred $0.06 million and $0.1 million, respectively, of unused facility fees related to the Revolving Credit Facility. As of June 30, 2025, the Company was in compliance with all of the Credit Facilities’ debt covenants. (2)Based upon the applicable SOFR rate plus a SOFR adjustment of 0.10%, subject to a 0% floor (the “Adjusted Term SOFR”). (3)Five properties are collateralized under this loan and Mr. Spodek also provided a personal guarantee of payment for 50% of the outstanding amount thereunder. The loan has a fixed interest rate of 3.69% for the first five years with interest payments only (ending in October 2026), then adjusting every subsequent five-year period thereafter with principal and interest payments to the rate based on the five-year weekly average yield on United States Treasury securities adjusted to a constant maturity of five years, as made available to the Board of Governors of the Federal Reserve System (the "Five-Year Treasury Rate"), plus a margin of 2.75%, with a minimum annual rate of 2.75%. (4)The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. The loan has a fixed interest rate of 3.625% for the first five years (ending in August 2026), then adjusting annually thereafter to a variable annual rate of Wall Street Journal Prime Rate with a minimum annual rate of 3.625%. (5)The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. The loan has a fixed interest rate of 3.69% for the first five years with interest payments only (ending in October 2026), then adjusting every subsequent five-year period thereafter with principal and interest payments to the rate based on the Five-Year Treasury Rate, plus a margin of 2.75%, with a minimum annual rate of 2.75%. (6)In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025. As of January 2, 2025, the seller financing has been fully repaid. (7)The loan is secured by a first mortgage lien on an industrial property located in Warrendale, Pennsylvania. The loan has a fixed interest rate of 2.80% with interest-only payments for the first five years (ending in January 2026) and fixed payments of principal and interest thereafter based on a 30-year amortization schedule. (8)In connection with the acquisition of two properties, the Company obtained seller financing secured by the properties in the amount of $1.4 million based on a fixed interest rate of 5.00% with interest-only payments through September 1, 2039. The weighted average maturity date for the Company's indebtedness as of June 30, 2025 and December 31, 2024 was approximately 2.5 years and 3.2 years, respectively. The scheduled principal repayments of indebtedness as of June 30, 2025 are as follows (in thousands):
Year Ending December 31, |  | Amount
2025 - Remaining |  | $ | 9 |
2026 (1) |  | 46,637 |
2027 |  | 75,778 |
2028 |  | 175,804 |
2029 |  | 832 |
Thereafter |  | 31,108 |
Total |  | $ | 330,168 |
Explanatory Note: (1) The Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods. The Company is currently exploring various refinancing options (the "Refinancing") and believes that it will be successful in extending or Refinancing the Revolving Credit Facility.

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