Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consist of the following (dollars in thousands):

	June 30, 2025		December 31, 2024
Mortgages payable	$	448,505	$	450,481
Junior subordinated notes	37,400		37,400
Credit facility	—		—
Deferred financing costs (1)	(3,749)		(4,247)
Total debt obligations, net of deferred costs	$	482,156	$	483,634

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(1) Excludes $305 and $374 of deferred financing costs related to the credit facility which are reflected in other assets at June 30, 2025 and December 31, 2024, respectively.