NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2026

Notes Payable [Abstract]

Schedule of Long-term Debt Instruments

As of March 31, 2026 and December 31, 2025, the Company’s notes payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):

	Book Value as of March 31, 2026		Book Value as of December 31, 2025		Contractual Interest Rate as of March 31, 2026 (1)	Effective Interest Rate as of March 31, 2026 (1)	Payment Type	Maturity Date (2)
The Almaden Mortgage Loan (3)	$	116,490	$	116,880	7.45%	7.45%	Principal & Interest	05/01/2026
Carillon Mortgage Loan (4)	89,793		90,017		One-month Term SOFR (5) +2.00%	5.66%	Principal & Interest	12/31/2026
Modified Portfolio Revolving Loan Facility (6)	157,624		204,996		One-month Term SOFR + 3.00%	6.66%	Principal & Interest	04/02/2026
3001 & 3003 Washington Mortgage Loan (7)	138,807		138,807		One-month Term SOFR + 0.10% + 2.90%	6.66%	Interest Only	05/06/2026
Accenture Tower Loan (8)	317,447		317,447		One-month Term SOFR + 3.00%	6.66%	Interest Only	11/02/2026
Credit Facility (9)	37,500		37,500		One-month Term SOFR + 3.00%	6.66%	Principal & Interest	09/30/2027
Amended and Restated Portfolio Loan Facility (10)	387,747		387,747		One-month Term SOFR + 3.00%	6.66%	Principal & Interest	01/22/2027
Total notes payable principal outstanding	$	1,245,408	$	1,293,394
Deferred financing costs, net	(8,341)		(10,742)
Total Notes Payable, net	$	1,237,067	$	1,282,652

_____________________

(1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2026. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2026, consisting of the contractual interest rate and using interest rate indices as of March 31, 2026, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.”

(2) Represents the maturity date as of March 31, 2026; 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. Subsequent to March 31, 2026, the borrower under The Almaden Mortgage Loan exercised its extension option and further extended the maturity date of The Almaden Mortgage Loan to August 1, 2026.

(4) Beginning April 1, 2025, the borrower under the Carillon Mortgage Loan is required to make a monthly principal payment in the amount of $112,000. As of March 31, 2026, the outstanding principal balance of the Carillon Mortgage Loan was $89.8 million and $3.9 million of new funding was available for future disbursement, subject to certain terms and conditions contained in the loan documents. For more information on this loan, see the 2025 Annual Report.

(5) Secured Overnight Financing Rate (“Term SOFR”).

(6) For more information on this loan, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 14, 2025 (the “2024 Annual Report”), “– Recent Financing Transactions – Modified Portfolio Revolving Loan Facility” below and Note 14, “Subsequent Events – Fifth Modification of the Modified Portfolio Revolving Loan Facility.”

(7) The 3001 & 3003 Washington Mortgage Loan is secured by 3001 Washington Boulevard and 3003 Washington Boulevard. For more information on this loan, see the 2024 Annual Report. Subsequent to March 31, 2026, the borrowers under the 3001 & 3003 Washington Mortgage Loan entered into a loan modification and extension agreement with the lender and extended the maturity date of the 3001 & 3003 Washington Mortgage Loan to August 4, 2026 with an option to further extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to November 2, 2026, subject to the satisfaction of certain terms and conditions contained in the loan modification and extension agreement, some of which conditions are not in the Company’s sole control, including the Company taking identified actions relating to its portfolio. Notwithstanding the foregoing, the loan modification and extension agreement provides that at any time following August 4, 2026, an immediate default will result under the 3001 & 3003 Washington Mortgage Loan two business days following the failure of the Company to meet certain conditions of the loan modification and extension agreement. See Note 14, “Subsequent Events – Seventh Modification and Extension of the 3001 & 3003 Washington Mortgage Loan.”

(8) As of March 31, 2026, the outstanding principal balance of the Accenture Tower Loan was $317.4 million and $4.6 million of new funding was available for future disbursement, subject to certain terms and conditions contained in the loan documents. As of March 31, 2026, the Accenture Tower Loan has one 12-month extension option available pursuant to the loan agreement, subject to certain terms and conditions contained in the loan documents. For more information on this loan, see the 2024 Annual Report.

(9) The borrower under the Credit Facility (the “Credit Facility Borrower”) is required to meet each of the following milestones: (a) on or prior to December 31, 2025, the Credit Facility Borrower will cause the sale of one of the Company’s properties and pay down the outstanding principal balance of the Credit Facility in an amount equal to the net sales proceeds therefrom up to $25.4 million and reduce the outstanding principal balance of the Credit Facility to no greater than $37.5 million; (b) on or prior to September 30, 2026, the Credit Facility Borrower will cause the sale of one of the Company’s properties and use 50% of the net sales proceeds therefrom to pay down the Credit Facility Borrower’s obligations under the Credit Facility and reduce the outstanding principal balance of the Credit Facility to no greater than $27.5 million; and (c) on or prior to September 30, 2027, the Credit Facility Borrower will cause the sale of three of the Company’s properties and use 100% of the net sales proceeds to pay all remaining obligations of the Credit Facility Borrower under the Credit Facility. On September 23, 2025, in connection with the disposition of Park Place Village, the Credit Facility Borrower paid down the outstanding principal balance of the Credit Facility by $25.4 million, reducing the outstanding principal balance of the Credit Facility to $37.5 million. For more information on this loan, see the 2024 Annual Report.

(10) As of March 31, 2026, the outstanding principal balance of the Amended and Restated Portfolio Loan Facility was $387.7 million (the “Principal Debt”) and $5.5 million of new funding (“Additional Loan Proceeds”; the Additional Loan Proceeds together with the Principal Debt are the “Maximum Facility Amount”) was available for future disbursement, subject to certain terms and conditions contained in the loan documents. As of March 31, 2026, the Amended and Restated Portfolio Loan Facility has two additional 12-month extension options available pursuant to the loan agreement, subject to certain terms and conditions contained in the loan documents. The borrowers under the Amended and Restated Portfolio Loan Facility (the “Amended and Restated Portfolio Loan Facility Borrowers”) are required to paydown a portion of the loan such that the Maximum Facility Amount is not greater than (i) $420.0 million on or before December 31, 2025, (ii) $300.0 million on or before December 31, 2026 and (iii) $150.0 million on or before December 31, 2027. In connection with the paydown provisions, the loan requires the sale of Counted Projects (defined below), from time to time, such that the Company does not own more than five Counted Projects as of December 31, 2025, four Counted Projects as of December 31, 2026 and three Counted Projects as of December 31, 2027. The Counted Projects are the Portfolio Loan Properties (defined below) and Accenture Tower. Following the release of Sterling Plaza in connection with its disposition on July 11, 2025, the Amended and Restated Portfolio Loan Facility is secured by 60 South Sixth, Towers at Emeryville, Ten Almaden and Town Center (the “Portfolio Loan Properties”). For more information on this loan, see the 2025 Annual Report.

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 March 31, 2026 (in thousands):

April 1, 2026 through December 31, 2026	$	917,908
2027	327,500
2028	—
2029	—
2030	—
Thereafter	—
	$	1,245,408