Mortgage Notes, Repurchase Facility and Unsecured Revolving Credit Facility (Tables)

3 Months Ended

Mar. 31, 2026

Debt Instrument [Line Items]

Summary of the Mortgage Notes Secured by Properties and Repurchase Facility

The Company’s borrowings from the Credit Facility as of March 31, 2026 and December 31, 2025 are detailed in the following table ($ in thousands):

					Borrowings Outstanding
	Maximum Facility Size		Weighted-Average Interest Rate	Maturity Date	March 31, 2026		December 31, 2025
Credit Facility	$	325,000	SOFR + 1.30%	July 15, 2028	$	73,000	$	73,000

Repurchase Facility

Debt Instrument [Line Items]

Summary of the Mortgage Notes Secured by Properties and Repurchase Facility

The Company’s borrowings from the Repurchase Facility as of March 31, 2026 and December 31, 2025 are detailed in the following table ($ in thousands):

					Borrowings Outstanding
	Maximum Facility Size		Weighted-Average Interest Rate	Weighted-Average Maturity Date	March 31, 2026			December 31, 2025
Repurchase Facility	$	250,000	SOFR + 1.52%	August 22, 2027	$	228,450		$	168,450
Less: Unamortized deferred financing costs						(642	)		(587	)
	$	250,000			$	227,808		$	167,863

Mortgage notes

Debt Instrument [Line Items]

Summary of the Mortgage Notes Secured by Properties and Repurchase Facility

The following is a summary of the mortgage notes secured by the Company’s properties ($ in thousands):

			Principal Balance Outstanding
Indebtedness	Interest Rate	Maturity Date	March 31, 2026			December 31, 2025
Fixed rate debt secured by our properties
Caroline West Gray	5.44%	December 1, 2029	$	45,911		$	45,911
Caroline Post Oak	5.44%	December 1, 2029		40,528			40,528
Coda on Centre	4.28%	May 1, 2029		27,718			27,860
The Elmstead(1)	4.30%	April 1, 2031		21,245			21,245
Bass Lofts	3.95%	September 5, 2027		14,806			14,902
One Brooklyn	4.35%	July 1, 2028		6,600			6,600
Charleston	5.08%	September 1, 2030		59,728			59,728
Baker Chocolate	3.91%	January 1, 2028		23,500			23,500
Total fixed rate				240,036			240,274
Variable rate debt secured by our properties
6200 Bristol(2)	SOFR + 2.05%	April 1, 2029		10,000			10,000
Norfolk Industrial Portfolio(3)	SOFR + 1.75%	June 19, 2030		43,700			43,700
Preserve at Pine Valley(4)	SOFR + 1.50%	December 10, 2030		21,200			21,200
Vineyard Commons(5)	SOFR + 1.40%	January 1, 2030		45,175			45,175
Stablewood(6)	SOFR + 3.75%	August 8, 2028		9,493			5,292
Total variable rate				129,568			125,367
Total loans secured by real estate				369,604			365,641
Deferred financing costs, net				(4,047	)		(4,327	)
Mortgage discount, net				(1,716	)		(1,869	)
Total debt secured by our properties			$	363,841		$	359,445

(1) This loan is comprised of a senior and a mezzanine loan. The interest rate and maturity date presented are the weighted average.

(2) The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 6.26%.

(3) The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 5.41%.

(4) The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 4.90%.

(5) The Company entered into an interest rate swap that was not designated as a hedge, which fixed the rate at 4.88%.

(6) Represents a line of credit secured by real estate with a maximum facility size of $50 million.

Summary of Future Principal Payment Due Under Mortgage Notes and Repurchase Facility

The following table details the future principal payments due under the Company’s mortgage notes as of March 31, 2026 ($ in thousands):

Year	Mortgage Notes
2026 (remaining)	$	938
2027		15,458
2028		41,780
2029		125,273
2030		166,662
Thereafter		19,493
Total future principal payments	$	369,604