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NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of December 31, 2024 and 2023, the Company’s notes payable consisted of the following (dollars in thousands):
Book Value as of
December 31, 2024		Book Value as of
December 31, 2023
Contractual Interest Rate as of
December 31, 2024 (1)
Effective
 Interest Rate as of
December 31, 2024 (1)
Payment Type
Maturity Date (2)
The Almaden Mortgage Loan (3)
$118,440 $119,870 7.45%7.45%Principal &
Interest		02/01/2026
201 Spear Street Mortgage Loan (4)
— 125,000 
(4)
(4)
(4)
(4)
Carillon Mortgage Loan (5)
88,140 94,400 
One-month Term SOFR (6) + 1.50%
5.84%Principal &
Interest		04/11/2026
Modified Portfolio Revolving Loan Facility (7)
209,789 249,145 
One-month Term SOFR + 3.00%
7.34%Principal &
Interest		03/01/2026
3001 & 3003 Washington Mortgage Loan (8)
138,807 140,410 
One-month Term SOFR + 0.10% + 2.90%
7.34%Interest Only05/06/2026
Accenture Tower Loan (9)
307,097 306,000 
One-month Term SOFR + 3.00%
7.34%Interest Only11/02/2026
Credit Facility (10)
62,852 37,500 
One-month Term SOFR + 3.00%
7.34%Principal & Interest09/30/2027
Amended and Restated Portfolio Loan Facility (11)
460,938 601,288 
One-month Term SOFR + 0.10% +
1.80%
6.24%Interest Only01/23/2025
Park Place Village Mortgage Loan (12)
65,000 65,000 
One-month Term
SOFR + 1.95%
6.29%Interest Only08/31/2025
Total notes payable principal outstanding$1,451,063 $1,738,613 
Deferred financing costs, net(8,402)(2,717)
Total Notes Payable, net$1,442,661 $1,735,896 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2024. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2024, consisting of the contractual interest rate and using interest rate indices as of December 31, 2024, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.”
(2) Represents the maturity date as of December 31, 2024; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below.
(3) Beginning January 1, 2024, the borrower under the Almaden Mortgage Loan is required to make a monthly principal payment in the amount of $130,000.
(4) The Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. On December 29, 2023, the Spear Street Borrower and the Spear Street Lender entered a deed-in-lieu of foreclosure transaction and the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan on January 9, 2024.
(5) On April 11, 2024, the borrower under the Carillon Mortgage Loan entered into a loan modification agreement (the “Carillon Second Modification Agreement”) with the lender and extended the maturity date of the Carillon Mortgage Loan to June 10, 2024. One 24-month extension option remained available from the original maturity date of April 11, 2024, subject to certain terms and conditions contained in the loan documents. In connection with the Carillon Second Modification Agreement, the borrowing capacity under the Carillon Mortgage Loan was reduced to $94.4 million. The revolving debt outstanding was converted to term debt and the remaining unadvanced portion of the commitment of $16.6 million was permanently cancelled pursuant to the Carillon Second Modification Agreement. In June 2024, the borrower exercised the 24-month extension option, which extended the maturity date of the Carillon Mortgage Loan to April 11, 2026. In connection with the extension, the borrower made a $5.6 million principal payment. Beginning June 1, 2024, the borrower under the Carillon Mortgage Loan is required to make a monthly principal payment in the amount of $112,000.
(6) Secured Overnight Financing Rate (“Term SOFR”).
(7) See below, “– Recent Financing Transactions – Modified Portfolio Revolving Loan Facility.”
(8) See below, “– Recent Financing Transactions – 3001 & 3003 Washington Mortgage Loan.”
(9) See below, “– Recent Financing Transactions – Accenture Tower Loan.”
(10) See below, “– Recent Financing Transactions – Modifications of Credit Facility.”
(11) See below, “– Recent Financing Transactions – Amended and Restated Portfolio Loan Facility” and Note 14, “Subsequent Events – Eighth Modification of the Amended and Restated Portfolio Loan Facility.”
(12) As of December 31, 2024, the Park Place Village Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Monthly payments are interest only during the initial term and the first extension option. During the second extension option, certain future monthly payments due under the Park Place Village Mortgage Loan also include amortizing principal payments.
Schedule of Maturities Including Principal Amortization Payments, for All Notes Payable Outstanding
The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of December 31, 2024 (in thousands):
2025$557,717 
2026865,846 
202727,500 
2028— 
2029— 
Thereafter— 
$1,451,063