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Debt, Net (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the carrying value of debt as of the date and the debt activity for the periods indicated below (in thousands):
|  |  |  | Three Months Ended March 31, 2026 |  |
|  | Balance as of December 31, 2025 |  | Debt Issuances |  | Repayments, Extinguishment and Assumptions |  | Accretion and Amortization |  | Balance as of March 31, 2026
Mortgages payable: |  |  |  |  |  |  |  |  |  |
Outstanding balance |  | $ | 373,000 |  |  | $ | — |  |  | $ | (2,722) |  |  | $ | — |  |  | $ | 370,278 |
Deferred costs |  | (1,043) |  |  | (2,536) |  |  | — |  |  | 228 |  |  | (3,351) |
Mortgages payable, net |  | 371,957 |  |  | (2,536) |  |  | (2,722) |  |  | 228 |  |  | 366,927 |
Credit facility revolver |  |  |  |  |  |  |  |  |  |
Original Revolving Facility |  | 92,000 |  |  | 18,000 |  |  | (110,000) |  |  | — |  |  | — |
New Revolving Facility |  | — |  |  | 127,000 |  |  | — |  |  | — |  |  | 127,000 |
Credit facility revolver |  | 92,000 |  |  | 145,000 |  |  | (110,000) |  |  | — |  |  | 127,000 |
Total debt |  | $ | 463,957 |  |  | $ | 142,464 |  |  | $ | (112,722) |  |  | $ | 228 |  |  | $ | 493,927 |
Schedule of Maturities of Long-Term Debt | The following table summarizes the scheduled aggregate principal repayments due on the Company’s debt outstanding as of March 31, 2026 (in thousands). The maturity dates reflected in the table exclude any borrower extension options under the Company’s debt obligations.
|  | Total
April 1, 2026 to December 31, 2026 |  | $ | — |
2027 |  | — |
2028 |  | 127,000 |
2029 |  | 352,278 |
2030 |  | — |
2031 |  | 18,000 |
Total |  | $ | 497,278 |
Schedule of Mortgage Notes Payable | The Company’s consolidated debt consisted of the following as of March 31, 2026 (dollars in thousands):
|  | Encumbered Properties |  | Net Carrying Value of Collateralized Properties (1) |  | Outstanding Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity (2)
Fixed-rate debt |  | 20 |  |  | $ | 414,983 |  |  | $ | 370,278 |  |  | 5.02 | % |  | 3.0
Variable-rate debt |  | 28 |  |  | 498,400 |  |  | 127,000 |  |  | 6.38 | % |  | 1.9
Total |  | 48 |  |  | $ | 913,383 |  |  | $ | 497,278 |  |  |  |  |
____________________________________ (1)Net carrying value is real estate assets, including right-of-use assets, net of real estate liabilities. (2)During February 2026, the Company entered into an amendment to the CMBS Loan which among other things, extended the maturity date two years until February 11, 2029, subject to two borrower extension options for an aggregate of 18 months until August 11, 2030. During February 2026, the Company refinanced the Original Revolving Facility with the New Revolving Facility which among other things, extends the maturity date until February 18, 2028, subject to two borrower extension options of six months each.

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