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Schedule of Debt, Net (Details) - USD ($) $ in Thousands | 6 Months Ended |
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Short-Term Debt [Line Items] |  |  |
Total debt |  | $ 124,976 | $ 23,076
Unamortized debt issuance costs | [1] | (3,350) | (2,239)
Unamortized debt discount | [1] | (1,721) | (1,159)
Debt, net |  | $ 119,905 | 19,678
1991 Main Mezzanine Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Interest Rate | [2],[3] | 13.00% |
Maturity Date | [2],[3] | May 2027 |
Total commitment | [2],[3] | $ 56,378 |
900 8th Land Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Interest Rate | [4] | 9.50% |
Maturity Date | [4] | June 2025 |
1991 Main Construction Loan Agreement [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Interest Rate | [2],[5] | 3.45% |
Maturity Date | [2],[5] | May 2027 |
Total commitment | [2],[5] | $ 130,000 |
1000 First Construction Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Interest Rate | [6] | 3.80% |
Maturity Date | [6] | June 2027 |
Total commitment | [6] | $ 104,000 |
Unamortized debt issuance costs |  | (1,500) |
Unamortized debt discount |  | (1,100) |
1991 Main Mezzanine Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Total debt | [2],[3] | 43,260 |
900 8th Land Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Total debt | [4] | 10,000 |
Nineteen Ninety One Main Construction Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Total debt | [2],[5] | 71,716 | 23,076
1000 First Construction Loan [Member] |  |  |
Short-Term Debt [Line Items] |  |  |
Total debt | [6] |  |
[1] | Amounts as of June 30, 2024 exclude unamortized debt issuance costs and unamortized debt discounts of $1.5 million and $1.1 million, respectively, in relation to the 1000 First Construction Loan. Such amounts are included in Other assets in the consolidated balance sheets and will be reclassified as a component of Debt, net when amounts drawn on the construction loan exceed the costs incurred.
[2] | Loan contains a one-year extension option, subject to certain restrictions.
[3] | We are required to maintain an interest reserve and carry reserve for purposes of paying accrued but unpaid interest on the 1991 Main Mezzanine Loan and interest, principal and other obligations under the 1991 Main Construction Loan. Undrawn amounts were held back at closing and are being maintained by an administrative agent appointed by the lender (the “Reserves”). As interest and other obligations accrue, the Reserves balance will be reduced and be added to the principal outstanding on the 1991 Main Mezzanine Loan. As of June 30, 2024 , the Reserves balance was $13.1 million.
[4] | Loan contains two six-month extension options, subject to certain restrictions.
[5] | Advances under the 1991 Main Construction Loan bear interest at a per annum rate equal to the one-month term Secured Overnight Financing Rate (“SOFR”) plus 3.45%, subject to a minimum all-in per annum rate of 8.51%. To mitigate our exposure to increases to the one-month SOFR, we have obtained an interest rate cap (see Note 9 – Derivative Instruments).
[6] | Loan contains two one-year extension options, subject to certain restrictions. Advances under the 1000 First Construction Loan bear interest at a per annum rate equal to the one-month term SOFR plus 3.80%, subject to a minimum all-in per annum rate of 7.55%. To mitigate our exposure to increases to the one-month SOFR, we have obtained an interest rate cap (see Note 9 – Derivative Instruments).

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