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Mortgages and Other Loans Payable
 3 Months Ended
Mar. 31, 2026
Mortgages and Other Loans Payable  
Mortgages and Other Loans Payable Mortgages and Other Loans Payable
The mortgages and other loans payable as of March 31, 2026 and December 31, 2025, respectively, were as follows (dollars in thousands):
PropertyCurrent Maturity Date
Final Maturity Date (1)
Interest
Rate (2)
March 31, 2026December 31, 2025
Fixed Rate Debt:
10 East 53rd StreetMay 2026May 20285.37%$204,438 $204,550 
7 Dey StreetNovember 2026November 20266.35%190,148 190,149 
100 Church StreetDecember 2026June 20285.89%365,000 365,000 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
315 West 33rd StreetFebruary 2027February 20274.24%250,000 250,000 
500 Park AvenueJanuary 2028January 20306.57%80,000 80,000 
800 Third AvenueFebruary 2029February 20315.15%177,000 177,000 
610 Park AvenueNovember 2029November 20294.65%12,200 — 
Park Avenue TowerFebruary 2031February 20315.30%480,000 — 
420 Lexington AvenueOctober 2040October 20408.24%254,107 258,523 
Total fixed rate debt$2,562,893 $2,075,222 
Floating Rate Debt:
Fund subscription line ⁽³⁾August 2027August 2028S+2.20%$136,390 $79,277 
Total floating rate debt$136,390 $79,277 
Total fixed rate and floating rate debt$2,699,283 $2,154,499 
Mortgages reclassed to liabilities related to assets held for sale(190,148)— 
Total mortgages and other loans payable$2,509,135 $2,154,499 
Deferred financing costs, net of amortization(17,286)(8,450)
Total mortgages and other loans payable, net$2,491,849 $2,146,049 
(1)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.
(2)Interest rate as of March 31, 2026, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over Term or Alternative SOFR ("S"), unless otherwise specified.
(3)The Fund has access to a subscription line of credit with a maximum commitment of $200 million as of March 31, 2026, which is secured by investor capital commitments. The facility is used to provide short term funding for acquisitions prior to capital calls and is repaid through capital contributions. The subscription line of credit is non-recourse to the Company.
As of March 31, 2026 and December 31, 2025, the gross book value of the properties collateralizing the mortgages and other loans payable was approximately $3.2 billion and $2.5 billion, respectively.
CMBS Repurchase Facility
In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of March 31, 2026, there have been no margin calls on the CMBS Repurchase Facility. At March 31, 2026, there was no outstanding balance on the facility.
Corporate Indebtedness
2026 Credit Facility
On March 18, 2026, the Company entered into an amended and restated credit facility (the "2026 Credit Facility"), which was previously amended in December 2021 and November 2017, and was originally entered into in November 2012. As of March 31, 2026, the 2026 Credit Facility consisted of a:
•$1.25 billion revolving credit facility with a maturity of June 2030 and two six-month, as-of-right extension options to June 2031.
•$300.0 million term loan (or the "Term A Loans") with a maturity of May 2027.
•$100.0 million term loan (or the "Term B Loans") with a maturity of May 2026 and one six-month, as-of right extension option to November 2026.
•$750.0 million term loan (or the "Term C Loans") with a maturity of June 2031.
We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity date of the revolving credit facility without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.
As of March 31, 2026, the 2026 Credit Facility bore interest at a spread over Term SOFR with an interest period of one or three months, as we may elect, ranging from (i) 85 basis points to 185 basis points for loans under the revolving credit facility, (ii) 90 basis points to 170 basis points for the Term A Loans, (iii) 100 basis points to 180 basis points for the Term B Loans, and (iv) 95 basis points to 220 basis points for the Term C Loans, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. The revolving credit facility also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to us at a reduced interest rate. The 2026 Credit Facility provide for the ability to amend the 2026 Credit Facility to include a sustainability component whereby the revolving credit facility and Term C Loans pricing may improve by up to 3 basis points (depending on the sustainability rating achieved) upon the Company’s achievement of certain sustainability ratings, determined via an independent third-party evaluation.
As of March 31, 2026, the applicable spread over Term SOFR for the 2026 Credit Facility was 125 basis points for the revolving credit facility, 170 basis points for the Term A Loans, 180 basis points for the Term B Loans and 145 basis points for the Term C loans. We are required to pay quarterly in arrears a 20 to 45 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of March 31, 2026, the facility fee was 30 basis points.
As of March 31, 2026, we had $7.0 million of outstanding letters of credit, $825.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $418.0 million under the 2026 Credit Facility. As of March 31, 2026 and December 31, 2025, the revolving credit facility had a carrying value of $814.0 million and $637.8 million, respectively, net of deferred financing costs. As of March 31, 2026 and December 31, 2025, the term loans had a carrying value of $1.1 billion and $1.1 billion, respectively, net of deferred financing costs.
The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2026 Credit Facility.
The 2026 Credit Facility includes certain restrictions and covenants (see Restrictive Covenants below).
Restrictive Covenants
The terms of the 2026 Credit Facility include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of Adjusted EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not, during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 2026 and December 31, 2025, we were in compliance with all such covenants.
Junior Subordinated Deferrable Interest Debentures
In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 26 basis points over the three-month Term SOFR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.
Principal Maturities
Combined aggregate principal maturities of mortgages and other loans payable, the 2026 Credit Facility, trust preferred securities and our share of joint venture debt as of March 31, 2026, including as-of-right extension options but excluding other extension options, were as follows (in thousands):
PrincipalRevolving
Credit
Facility		Unsecured Term LoansTrust
Preferred
Securities		TotalCompany's Share of Joint
Venture
Debt
Remaining 2026 (1)
$555,148 $— $100,000 $— $655,148 $1,076,993 
2027936,390 — 300,000 — 1,236,390 1,453,918 
2028284,438 — — — 284,438 555,449 
2029189,200 — — — 189,200 — 
2030— — — — — 840,000 
Thereafter734,107 825,000 750,000 100,000 2,409,107 2,071,051 
$2,699,283 $825,000 $1,150,000 $100,000 $4,774,283 $5,997,411 
(1)Includes $255.0 million representing the Company's share of the mortgage at 919 Third Avenue, which was extended to 2027 in April 2026.
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):
Three Months Ended March 31,
20262025
Interest expense before capitalized interest$58,755 $52,048 
Interest on financing leases1,148 1,134 
Capitalized interest(8,668)(6,470)
Amortization of discount on assumed debt684 160 
Interest income(1,010)(1,191)
Interest expense, net$50,909 $45,681