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v3.25.3

Note 6 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | 9 Months Ended |
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Carrying value, collateral |  | $ 209,929 |
Revolving Credit Facility (1) |  | 0 | $ 110,000
Outstanding |  | 343,225 | 409,182
Unamortized term loan and mortgage debt issue costs |  | (4,379) | (2,332)
Total debt outstanding |  | $ 338,846 | 406,850
Unsecured Delayed-draw Term Loan [Member] |  |  |
Interest rate | [1] | 5.61% |
Maturity date | [1] | Sep. 25, 2029 |
Carrying value, collateral | [1] | $ 0 |
Outstanding | [1] | $ 200,000 | 140,000
First Mortgage Lien Secured by Hampton Inn & Suites, Houston Medical Center, TX [Member] |  |  |
Interest rate |  | 4.25% |
Maturity date |  | Jan. 06, 2025 |
Carrying value, collateral |  | $ 0 |
Outstanding |  | $ 0 | 15,957
First Mortgage Lien Secured by Courtyard by Marriott, Dallas, TX [Member] |  |  |
Interest rate |  | 7.61% |
Maturity date |  | Sep. 11, 2028 |
Carrying value, collateral |  | $ 38,680 |
Outstanding |  | $ 24,500 | 24,500
First Mortgage Lien Secured by Hyatt Place, Pittsburgh, PA [Member] |  |  |
Interest rate | [2] | 7.29% |
Maturity date | [2] | Jun. 11, 2029 |
Carrying value, collateral | [2] | $ 29,089 |
Outstanding | [2] | $ 23,300 | 23,300
First Mortgage Lien Secured by Residence Inn by Marriott Austin, TX [Member] |  |  |
Interest rate |  | 7.42% |
Maturity date |  | Sep. 06, 2033 |
Carrying value, collateral |  | $ 34,545 |
Outstanding |  | $ 20,850 | 20,850
First Mortgage Lien Secured by TownePlace Suites by Marriott Austin, TX [Member] |  |  |
Interest rate |  | 7.42% |
Maturity date |  | Sep. 06, 2033 |
Carrying value, collateral |  | $ 29,172 |
Outstanding |  | $ 19,075 | 19,075
First Mortgage Lien Secured by Courtyard by Marriott Summerville, SC [Member] |  |  |
Interest rate |  | 7.33% |
Maturity date |  | Sep. 11, 2033 |
Carrying value, collateral |  | $ 17,706 |
Outstanding |  | $ 9,000 | 9,000
First Mortgage Lien Secured by Residence Inn by Marriott Summerville, SC [Member] |  |  |
Interest rate |  | 7.33% |
Maturity date |  | Sep. 11, 2033 |
Carrying value, collateral |  | $ 16,626 |
Outstanding |  | $ 9,500 | 9,500
First Mortgage Lien Secured by SpringHill Suites by Marriott, Savannah, GA [Member] |  |  |
Interest rate |  | 6.70% |
Maturity date |  | Jun. 06, 2034 |
Carrying value, collateral |  | $ 32,057 |
Outstanding |  | $ 22,000 | 22,000
First Mortgage Lien Secured by Hampton Inn & Suites, Exeter, NH [Member] |  |  |
Interest rate | [3] | 6.70% |
Maturity date | [3] | Jun. 11, 2034 |
Carrying value, collateral | [3] | $ 12,054 |
Outstanding | [3] | $ 15,000 | 15,000
Revolving Credit Facility [Member] |  |  |
Interest rate | [4] | 5.66% |
Maturity date | [4] | Sep. 25, 2029 |
Carrying value, collateral | [4] | $ 0 |
Revolving Credit Facility (1) | [4] | $ 0 | $ 110,000
[1] | The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.
[2] | On May 31, 2024, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $23.3 million loan secured by the Hyatt Place Pittsburgh. The loan has a term of five years, carries a fixed interest rate of 7.29%, and is interest-only for its duration.
[3] | On June 6, 2024, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate and Wells Fargo Bank to obtain a $22.0 million loan secured by the SpringHill Suites Savannah and a $15.0 million loan secured by the Hampton Inn & Suites Exeter. Each loan has a term of ten years, carries a fixed interest rate of 6.70%, and is interest-only for its duration.
[4] | The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%.

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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-4 + Details
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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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