STHO — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-08

• Land. The land asset included in our portfolio as of March 31, 2026 has a carrying value of approximately $14.4 million. Our general strategy is to seek to sell the land to third party developers.

• Investment in Safe. In addition to the assets described above, we also own the Safe Shares which had a fair value of $183.0 million based on the closing price of $13.53 as of March 31, 2026. Our Margin Loan Facility is collateralized by the Safe Shares as of the date of this filing. The net proceeds…

• Declines in the market value of the Safe Shares could require us to make prepayments of some or all of the outstanding borrowings under the Margin Loan Facility or post additional cash collateral. Accessing incremental

• borrowings under the Safe Credit Facility will increase our interest expense because the interest rate on all borrowings increases to 10.0% per annum while incremental borrowings remain outstanding.

• Costs and expenses—For the three months ended March 31, 2026, we incurred $2.3 million of interest expense on the Safe Credit Facility, $1.7 million of interest expense on our Margin Loan Facility, net of amounts capitalized and $2.1 million on the Loan (refer to Note 9 to the consolidated financial…

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Land. The land assets included in our portfolio as of September 30, 2025 include one asset with a carrying value of approximately $14.4 million. Our general strategy is to seek to sell the land assets to third party developers. In addition, another land asset at Asbury Park with a carrying value of …

• Investment in Safe. In addition to the assets described above, we also own the Safe Shares which had a fair value of $209.5 million based on the closing price of $15.49 as of September 30, 2025.

• Our Margin Loan Facility is collateralized by the Safe Shares as of September 30, 2025. The net proceeds from the sale of any Safe Shares must be applied in accordance with the terms of the Margin Loan Facility.

• Declines in the market value of the Safe Shares could require us to make prepayments of some or all of the outstanding borrowings under the Margin Loan Facility or post additional cash collateral. We are permitted to access incremental borrowings under the Safe Credit Facility to address collateral …

• Costs and expenses—For the three months ended September 30, 2025, we incurred $2.3 million of interest expense on the Safe Credit Facility, $1.8 million of interest expense on our Margin Loan Facility, net of amounts capitalized and $0.6 million on the Loan (refer to Note 9 to the consolidated finan…

Text added vs the prior filing · source: 10-Q · 2026-05-08

• Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond our control. We monitor the spreads between our interest-earning assets and interest-bearing liabilities and m…

• The following table quantifies the potential changes in annual net income, assuming no change in our interest earning assets or interest-bearing liabilities, should interest rates decrease or increase by 10, 50 or 100 basis points, assuming no

• change in the shape of the yield curve (i.e., relative interest rates). Actual results could differ significantly from those estimated in the table.

• (1)As of March 31, 2026, we had $92.8 million principal amount of floating-rate debt obligations outstanding and $62.1 million of cash and restricted cash.

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond our control. We monitor the spreads between

• our interest-earning assets and interest-bearing liabilities and may implement hedging strategies to limit the effects of changes in interest rates on our operations, including engaging in interest rate swaps, interest rate caps and other interest rate-related derivative contracts. Such strategies a…

• The following table quantifies the potential changes in annual net income, assuming no change in our interest earning assets or interest-bearing liabilities, should interest rates decrease or increase by 10, 50 or 100 basis points, assuming no change in the shape of the yield curve (i.e., relative i…

• (1)As of September 30, 2025, we had $146.2 million principal amount of floating-rate debt obligations outstanding and $55.8 million of cash and cash equivalents and restricted cash. Amounts shown in the table above exclude amounts attributable to noncontrolling interests.

Text added vs the prior filing · source: 10-Q · 2026-05-08

• are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.