v3.26.1
Schedule of Debt, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Jun. 28, 2024
Short-Term Debt [Line Items]      
Total debt $ 279,429 $ 265,225  
Unamortized debt issuance costs (1,937) (2,274)  
Unamortized debt discount (1,976) (2,313)  
Debt, net 275,516 260,638  
900 8th Land Loan [Member]      
Short-Term Debt [Line Items]      
Total debt [1] $ 10,000 10,000  
Weighted Average Interest Rate [1] 9.50%    
Maturity Date [1] July 2026    
1000 First Construction Loan [Member]      
Short-Term Debt [Line Items]      
Total debt [2] $ 93,274 81,300  
Weighted Average Interest Rate 3.80% [2]   3.80%
Maturity Date [2] June 2027    
Maximum Facility [2] $ 104,000    
Aster & Links Loan [Member]      
Short-Term Debt [Line Items]      
Total debt [3] $ 176,155 $ 173,925  
Weighted Average Interest Rate [3] 2.55%    
Maturity Date [3] October 2027    
Maximum Facility [3] $ 204,138    
[1] On June 26, 2024, we, through our indirect majority-owned subsidiary, entered into a fixed rate loan for $10.0 million in principal amount (the “900 8th Land Loan”), which is secured by our investment at 900 8th Avenue South, Nashville, Tennessee. The 900 8th Land Loan contained two six-month extension options, both of which have been exercised as of March 31, 2026.
[2] On June 28, 2024, we, through our indirect majority-owned subsidiary, entered into a variable rate construction loan for up to $104.0 million in principal amount (the “1000 First Construction Loan”), which is secured by our investment VIV. The 1000 First Construction Loan contains two one-year extension options, exercisable at our election, subject to certain terms and conditions set forth in the loan agreement. Advances under the 1000 First Construction Loan bear interest at a per annum rate equal to the one-month term Secured Overnight Financing Rate (“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 term SOFR, we obtained an interest rate cap (see Note 9 – Derivative Instruments). The 1000 First Construction Loan is prepayable in whole or in part at any time with not less than 45 days’ notice. Full prepayment is subject to an interest make-whole amount, if any, calculated as of the prepayment date.
[3] The Aster & Links Loans bear interest at a fluctuating rate based on: (i) one-month term SOFR, subject to a 3.25% floor, plus (ii) a blended rate of 2.55%, and requires interest-only monthly payments during their term. The Aster & Links Loans each contain two one-year extensions exercisable at our election, subject to certain terms and conditions set forth in each of the loan agreements. The Aster & Links Loans are secured by a first-priority mortgage on Aster & Links and a pledge of the borrower’s equity interest in an indirect subsidiary of the Company. To mitigate our exposure to increases to the one-month term SOFR, we have obtained interest rate caps (see Note 9 – Derivative Instruments). The Aster & Links Loans are prepayable in whole or in part at any time with not less than 30 days’ notice, however, if prepaid in full prior to October 2026, such prepayment is subject to an interest make-whole amount, if any, calculated as of the prepayment date.