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Mortgage Notes, Lines of Credit and Bonds Payable (Tables) | 12 Months Ended
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Dec. 31, 2025
Mortgage Notes, Lines of Credit and Bonds Payable |
Schedule of indebtedness outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Book
​ | ​ | ​ | ​ | Annual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Value of
($ in thousands) | ​ | Interest | ​ | ​ | ​ | ​ | ​ | Principal | ​ | ​ | ​ | Collateral
​ | ​ | ​ | ​ | Rate as of | ​ | ​ | ​ | Next | ​ | Outstanding as of | ​ | ​ | ​ | as of
​ | ​ | Interest | ​ | December 31, | ​ | Interest Rate | ​ | Adjustment | ​ | December 31, | ​ | December 31, | ​ | Maturity | ​ | December 31,
Loan | ​ | Payment Terms | ​ | 2025 | ​ | Terms | ​ | Date | ​ | 2025 | ​ | 2024 | ​ | Date | ​ | 2025
Farmer Mac Bond #6 | ​ | Semi-annual | ​ | 3.69% | ​ | Fixed | ​ | N/A | ​ | $ | — | ​ | $ | 13,827 | ​ | April 2025 | ​ | $ | —
Farmer Mac Bond #7 | ​ | Semi-annual | ​ | 3.68% | ​ | Fixed | ​ | N/A | ​ | ​ | — | ​ | ​ | 11,160 | ​ | April 2025 | ​ | ​ | —
Farmer Mac Facility | ​ | Monthly | ​ | 5.37% | ​ | SOFR + 1.50% | ​ | N/A | ​ | ​ | — | ​ | ​ | — | ​ | December 2028 | ​ | ​ | 110,398
MetLife Term Loan #1 (1) | ​ | Semi-annual | ​ | 5.55% | ​ | Fixed | ​ | N/A | ​ | ​ | 67,086 | ​ | ​ | 67,086 | ​ | March 2026 | ​ | ​ | 89,071
MetLife Term Loan #4 | ​ | Semi-annual | ​ | 5.55% | ​ | Fixed for 3 years | ​ | March 2026 | ​ | ​ | 1,200 | ​ | ​ | 1,550 | ​ | June 2026 | ​ | ​ | 2,695
MetLife Term Loan #5 | ​ | Semi-annual | ​ | 5.63% | ​ | Fixed for 3 years | ​ | January 2026 | ​ | ​ | 1,827 | ​ | ​ | 1,827 | ​ | January 2027 | ​ | ​ | 5,370
MetLife Term Loan #6 | ​ | Semi-annual | ​ | 5.55% | ​ | Fixed for 3 years | ​ | February 2026 | ​ | ​ | 16,226 | ​ | ​ | 16,226 | ​ | February 2027 | ​ | ​ | 26,230
MetLife Term Loan #7 | ​ | Semi-annual | ​ | 5.87% | ​ | Fixed for 3 years | ​ | June 2026 | ​ | ​ | 6,934 | ​ | ​ | 6,934 | ​ | June 2027 | ​ | ​ | 12,120
MetLife Term Loan #8 | ​ | Semi-annual | ​ | 4.12% | ​ | Fixed for 10 years | ​ | December 2027 | ​ | ​ | 35,200 | ​ | ​ | 44,000 | ​ | December 2042 | ​ | ​ | 110,042
MetLife Term Loan #9 | ​ | Semi-annual | ​ | 6.37% | ​ | Fixed for 3 years | ​ | May 2027 | ​ | ​ | 6,400 | ​ | ​ | 8,400 | ​ | May 2028 | ​ | ​ | 12,434
MetLife Term Loan #10 | ​ | Semi-annual | ​ | 6.36% | ​ | Fixed | ​ | N/A | ​ | ​ | 21,806 | ​ | ​ | 21,806 | ​ | October 2030 | ​ | ​ | 35,874
MetLife Facility | ​ | Quarterly | ​ | 5.95% | ​ | SOFR + 1.95% | ​ | N/A | ​ | ​ | — | ​ | ​ | — | ​ | October 2027 | ​ | ​ | 72,328
Rabobank (2) | ​ | Semi-annual | ​ | 5.69% | ​ | SOFR + 1.81% | ​ | March 2026 ⁽³⁾ | ​ | ​ | 4,912 | ​ | ​ | 11,758 | ​ | March 2028 | ​ | ​ | 8,633
Rutledge Facility | ​ | Quarterly | ​ | 5.39% | ​ | SOFR + 1.40% | ​ | N/A | ​ | ​ | — | ​ | ​ | — | ​ | February 2027 | ​ | ​ | 136,470
Total outstanding principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 161,591 | ​ | ​ | 204,574 | ​ | ​ | ​ | $ | 621,665
Debt issuance costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (749) | ​ | ​ | (891) | ​ | ​ | ​ | ​ | ​
Unamortized premium | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Total mortgage notes and bonds payable, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 160,842 | ​ | $ | 203,683 | ​ | ​ | ​ | ​ | ​
(1) | MetLife Term Loan #1 is in the process of being refinanced.
(2) | As of December 31, 2025, the Company has an interest rate swap agreement with Rabobank for $4.9 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $4.9 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 3.0% to 0.0%.
(3) | The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”
Schedule of aggregate maturities of long-term debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, | ​ ​ ​ | Future Maturities |
2026 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 68,286 | ​
2027 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 24,987 | ​
2028 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 11,312 | ​
2029 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​
2030 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,806 | ​
Thereafter | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 35,200 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 161,591 | ​

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