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Debt, Net (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt, Net | The following table details our Debt, net (dollars in thousands): Schedule of Debt, Net
Indebtedness |  | Interest Rate |  |  | Maturity Date |  | Total Commitment |  |  | June 30, 2024 |  |  | December 31, 2023 |
|  |  |  |  |  |  |  |  |  | Carrying Value as of |
Indebtedness |  | Interest Rate |  |  | Maturity Date |  | Total Commitment |  |  | June 30, 2024 |  |  | December 31, 2023 |
|  |  |  |  |  |  |  |  |  | (unaudited) |  |  |  |
Fixed rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1991 Main Mezzanine Loan (1) (3) |  |  | 13.00 | % |  | May 2027 |  | $ | 56,378 |  |  | $ | 43,260 |  |  | $ | — |
900 8th Land Loan (2) |  |  | 9.50 | % |  | June 2025 |  |  | N/A |  |  |  | 10,000 |  |  |  | — |
Variable rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1991 Main Construction Loan (1) (4) |  |  | SOFR + 3.45 | % |  | May 2027 |  | $ | 130,000 |  |  |  | 71,716 |  |  |  | 23,076 |
1000 First Construction Loan (5) |  |  | SOFR + 3.80 | % |  | June 2027 |  | $ | 104,000 |  |  |  | — |  |  |  | — |
Total debt |  |  |  |  |  |  |  |  |  |  |  |  | 124,976 |  |  |  | 23,076 |
Unamortized debt issuance costs (6) |  |  |  |  |  |  |  |  |  |  |  |  | (3,350 | ) |  |  | (2,239 | )
Unamortized debt discount (6) |  |  |  |  |  |  |  |  |  |  |  |  | (1,721 | ) |  |  | (1,159 | )
Debt, net |  |  |  |  |  |  |  |  |  |  |  | $ | 119,905 |  |  | $ | 19,678 |
(1) | Loan contains a one-year extension option, subject to certain restrictions.
(2) | Loan contains two six-month extension options, 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) | 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).
(5) | 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).
(6) | 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.
Schedule of Future Principal Payments | The following table summarizes the scheduled future principal payments under our debt arrangements as of June 30, 2024 (amounts in thousands): Schedule of Future Principal Payments
Year ended December 31, |  | (unaudited) |
2024 (remainder) |  | $ | — |
2025 |  |  | 10,000 |
2026 |  |  | — |
2027 |  |  | 114,976 |
2028 |  |  | — |
Thereafter |  |  | — |
Total |  | $ | 124,976 |

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