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Mortgage Notes, Lines of Credit and Bonds Payable (Tables)
12 Months Ended
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