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Indebtedness
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Indebtedness
5.
Indebtedness

The following table discloses certain information regarding the Company’s secured indebtedness (in thousands):

 

 

Carrying Value at

 

 

Interest Rate(A) at

 

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

September 30, 2025

 

December 31, 2024

 

Maturity Date

Mortgage Indebtedness – Fixed Rate

 

$

98,656

 

 

$

99,862

 

 

6.7%

 

6.7%

 

November 2028

Mortgage Indebtedness – Variable Rate

 

 

152,625

 

 

 

206,900

 

 

6.9%

 

7.1%

 

September 2026

Net unamortized debt issuance costs

 

 

(2,579

)

 

 

(5,389

)

 

 

 

 

 

 

Total indebtedness

 

$

248,702

 

 

$

301,373

 

 

 

 

 

 

 

(A) The interest rate on variable-rate debt was calculated using the base rate and spread effective at the end of each reporting period.

On August 7, 2024, the Company closed and funded a $530.0 million mortgage loan (the “Mortgage Facility”) provided by affiliates of Atlas SP Partners, L.P. and Athene Annuity and Life Company. As of September 30, 2025, the outstanding balance was $152.6 million and 10 properties continued to serve as collateral for the Mortgage Facility. The Company is required to comply with certain covenants under the Mortgage Facility relating to net worth and liquidity. The Company was in compliance with these financial covenants at September 30, 2025. For the three and nine months ended September 30, 2025, the Company recorded debt extinguishment costs of $0.6 million and $1.1 million, respectively.