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Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company’s debt obligations were as follows ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	Carrying Value as of					​	Stated	​	Scheduled
​		June 30, 2024			December 31, 2023			Interest Rates		Maturity Date
Debt obligations:		​			​		​
Safe Credit Facility	​	$	115,000	​	$	115,000	​	8.00	%	March 2027
Margin Loan Facility(1)	​		85,504	​		81,914	​	SOFR plus 3.00	%	March 2026
Total debt obligations	​		200,504	​		196,914	​
Debt discounts and deferred financing costs, net	​		(3,295)	​		(4,019)	​
Total debt obligations, net(2)	​	$	197,209	​	$	192,895	​

(2) In June 2024 and March 2024, the Company elected to pay interest in kind (“PIK”) of $1.8 million and $1.8 million, respectively, which was added to the principal balance on the Margin Loan Facility at such time. The applicable margin on the Margin Loan Facility increases by 25 basis points for the entirety of the interest period immediately succeeding any interest period with respect to which the Company makes a PIK election.

(3) During the three and six months ended June 30, 2024, the Company capitalized interest expense on qualifying real estate assets of $0.5 million and $1.0 million, respectively. During the three and six months ended June 30, 2023, the Company capitalized interest expense on qualifying real estate assets of $0.6 million and $1.0 million, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

Future Scheduled Maturities—As of June 30, 2024, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):

​

​	​	​	​
2024 (remaining six months)	​	$	—
2025	​		—
2026	​		85,504
2027	​		115,000
2028	​		—
Thereafter	​		—
Total principal maturities	​		200,504
Unamortized discounts and deferred financing costs, net	​		(3,295)
Total debt obligations, net	​	$	197,209

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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