Mortgage Notes, Lines of Credit and Bonds Payable (Tables)

12 Months Ended

Dec. 31, 2024

Mortgage Notes, Lines of Credit and Bonds Payable

Schedule of indebtedness outstanding

										Book
		Annual								Value of
($ in thousands)		Interest			Principal					Collateral
		Rate as of		Next	Outstanding as of					as of
	Interest	December 31,	Interest Rate	Adjustment	December 31,		December 31,		Maturity	December 31,
Loan	Payment Terms	2024	Terms	Date	2024		2023		Date	2024
Farmer Mac Bond #6	Semi-annual	3.69%	Fixed	N/A	$	13,827	$	13,827	April 2025	$	5,069
Farmer Mac Bond #7	Semi-annual	3.68%	Fixed	N/A		11,160		11,160	April 2025		—
Farmer Mac Facility	Monthly	6.05%	SOFR + 1.50%	N/A		—		30,000	December 2025		73,484
MetLife Term Loan #1	Semi-annual	5.55%	Fixed	N/A		67,086		72,585	March 2026		102,171
MetLife Term Loan #4	Semi-annual	5.55%	Fixed for 3 years	March 2026		1,550		5,756	June 2026		3,366
MetLife Term Loan #5	Semi-annual	5.63%	Fixed for 3 years	January 2026		1,827		5,179	January 2027		7,378
MetLife Term Loan #6	Semi-annual	5.55%	Fixed for 3 years	February 2026		16,226		21,726	February 2027		26,230
MetLife Term Loan #7	Semi-annual	5.87%	Fixed for 3 years	June 2026		6,934		15,434	June 2027		12,120
MetLife Term Loan #8	Semi-annual	4.12%	Fixed for 10 years	December 2027		44,000		44,000	December 2042		110,042
MetLife Term Loan #9	Semi-annual	6.37%	Fixed for 3 years	May 2027		8,400		16,800	May 2028		16,865
MetLife Term Loan #10	Semi-annual	6.36%	Fixed	N/A		21,806		48,986	October 2030		36,711
MetLife Term Loan #11	Semi-annual	5.35%	Fixed for 3 years	N/A		—		12,750	October 2031		—
MetLife Term Loan #12	Semi-annual	3.11%	Fixed for 3 years	N/A		—		14,359	December 2031		—
MetLife Facility	Quarterly	6.76%	SOFR + 2.10%	N/A		—		—	October 2027		79,929
Rabobank (1)	Semi-annual	6.37%	SOFR + 1.81%	March 2026 ⁽²⁾		11,758		45,533	March 2028		30,688
Rutledge Facility	Quarterly	6.06%	SOFR + 1.40%	N/A		—		5,000	February 2027		176,877
Total outstanding principal						204,574		363,095		$	680,930
Debt issuance costs						(891)		(2,236)
Unamortized premium						—		—
Total mortgage notes and bonds payable, net					$	203,683	$	360,859

(1) As of December 31, 2024, the Company has an interest rate swap agreement with Rabobank for $11.8 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $11.8 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 5.7% to 0.0%.

(2) The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”

Schedule of aggregate maturities of long-term debt

($ in thousands)
Year Ending December 31,	Future Maturities
2025	$	24,987
2026		68,636
2027		24,987
2028		20,158
2029		—
Thereafter		65,806
	$	204,574