Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Notes Payable

The following table contains summary information of the Company’s debt as of June 30, 2025 and December 31, 2024 (dollars in thousands):

		Outstanding principal as of
Description	Type	June 30, 2025		December 31, 2024		Interest Rate		Maturity Date
Mortgages Payable
Cityplace Note A-1 (1)	Floating	$	98,594	$	99,435	6.68	%	3/8/2026
Cityplace Note A-2 (1)	Floating	12,412		12,517		6.68	%	3/8/2026
Cityplace Note B-1 (1)	Floating	21,568		21,751		10.68	%	3/8/2026
Cityplace Note B-2 (1)	Floating	2,715		2,738		10.68	%	3/8/2026
Cityplace Mezz Note-1 (1)	Floating	3,081		3,107		10.68	%	3/8/2026
Cityplace Mezz Note-2 (1)	Floating	388		391		10.68	%	3/8/2026
NHT - Note A Loan (2)	Floating	28,069		50,188		6.32	%	9/8/2025
NHT - Note B Loan (2)	Floating	13,515		24,165		10.78	%	9/8/2025
NHT - PC & B Loan (3)	Floating	38,285		37,875		9.02	%	2/5/2026
White Rock Center (4)	Fixed	10,000		10,000		10.00	%	8/2/2029
Notes Payable
Dominion Note	Floating	13,250		13,250		7.50	%	8/8/2025
Raymond James Loan	Floating	5,000		11,000		8.57	%	10/6/2025
NexBank Revolver (5)	Floating	13,829		16,485		7.82	%	11/21/2025
Convertible Notes Due to Affiliates	Fixed	57,986		57,986		2.25% - 7.50%		2/14/2027 - 9/30/2042
Promissory Notes Due to Affiliates	Fixed	775		—		7.33	%	4/17/2027
Prime Brokerage Borrowing
Jefferies Line of Credit	Floating	4,410		1,222		4.83	%	N/A (7)
Total Debt		$	323,877	$	362,110
Fair market value adjustment, net of accumulated amortization (6)		(6,920)		(7,740)
Deferred financing costs		(500)		(315)
		$	316,457	$	354,055

(1)	This debt is secured by the following property: Cityplace Tower.
(2)	This debt is secured by the following properties: HGI Property and the St. Pete Property.
(3)	This debt is secured by the following properties: Park City and Bradenton.
(4)	This debt is secured by the following property: White Rock Center.
(5)	This debt is secured by the following property and investments: 5916 W Loop 289 and IQHQ, LP (“IQHQ LP”).

(6)	The Company recorded a valuation adjustment of the Convertible Notes Due to Affiliates upon the consolidation of NHT to adjust for the difference between the fair value and the outstanding principal amount of the debt. The difference is amortized into interest expense.
(7)	This debt balance has no stated maturity date.

Long-term indebtedness is carried at amounts that

reasonably approximate their fair value at June 30, 2025 and December 31, 2024, except for the following debt (in thousands):

	June 30, 2025				December 31, 2024
	Outstanding Principal Balance		Estimated Fair Value		Outstanding Principal Balance		Estimated Fair Value
Notes payable	$	90,840	$	70,227	$	98,721	$	78,607

Schedule of Maturities of Long-Term Debt

The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2025 are as follows (in thousands):

	Mortgages Payable		Credit Facilities		Notes Payable		Prime Brokerage Borrowing		Total
2025	$	41,583	$	18,829	$	13,250	$	—	$	73,662
2026	177,044		—		—		—		177,044
2027	—		—		21,275		—		21,275
2028	—		—		—		—		—
2029	10,000		—		—		—		10,000
Thereafter	—		—		37,486		4,410		41,896
Total	$	228,627	$	18,829	$	72,011	$	4,410	$	323,877