Mobile Infrastructure Corp Debt Disclosure
Note 6 — Debt
As of December 31, 2025 and 2024, the principal balances on notes payable are as follows (dollars in thousands):
| Interest | Loan | Balance as | Balance as | ||||||||||
| Loan | Rate | Maturity | of December 31, 2025 | of December 31, 2024 | |||||||||
| MVP Houston Saks Garage, LLC | 4.25% |
| $ | — | $ | 2,735 | |||||||
| Minneapolis City Parking, LLC (6) | 4.50% |
| — | 4,059 | |||||||||
| MVP Bridgeport Fairfield Garage, LLC (6) | 4.00% |
| — | 3,387 | |||||||||
| West 9th Properties II, LLC (6) | 4.50% |
| — | 4,181 | |||||||||
| MVP Fort Worth Taylor, LLC (6) | 4.50% |
| — | 10,408 | |||||||||
| MVP Detroit Center Garage, LLC (6) | 5.52% |
| — | 25,913 | |||||||||
| 2027 KeyBank Loan Pool (1)(6) | 4.90% |
| — | 11,094 | |||||||||
| 2027 Canton Commercial Real Estate Loan Pool (2)(6) | 5.03% |
| — | 16,250 | |||||||||
| St Louis Cardinal Lot DST, LLC | 5.25% |
| 6,000 | 6,000 | |||||||||
| MVP Preferred Parking, LLC (6) | 5.02% |
| — | 10,789 | |||||||||
| Mabley Place Garage, LLC (5) | 7.29% |
| 11,791 | 12,000 | |||||||||
| 2029 KeyBank Loan Pool (3) | 7.94% |
| 5,767 | 5,843 | |||||||||
| Series 2025-1 Class A-2 Notes | 4.15% |
| 99,600 | — | |||||||||
| 2034 CMBS Loan (4) | 7.76% |
| 75,149 | 75,500 | |||||||||
| Less unamortized loan issuance costs | (5,424 | ) | (2,238 | ) | |||||||||
| Less discount on notes payable | (11,112 | ) | — | ||||||||||
| $ | 181,771 | $ | 185,921 | ||||||||||
| (1) | 2027 KeyBank Loan Pool secured by the following properties: St. Paul Holiday Garage, LLC, MVP St. Louis Washington, Cleveland Lincoln Garage, LLC, MVP Denver Sherman, LLC, MVP Milwaukee Arena Lot, LLC and MVP Denver 1935 Sherman, LLC. | |
| (2) | 2027 Canton Commercial Real Estate Loan Pool secured by the following properties: MVP Louisville Broadway Station, LLC, MVP Whitefront Garage, LLC, MVP Houston Preston Lot, LLC, MVP Houston San Jacinto Lot, LLC, St. Louis Broadway, LLC, St. Louis Seventh & Cerre, LLC, MVP Indianapolis Meridian Lot, LLC and St. Louis Cardinal Lot DST, LLC. | |
| (3) | 2029 KeyBank Loan Pool is secured by MVP Memphis Poplar 2013, LLC and MVP St. Louis 2013, LLC. | |
| (4) | 2034 CMBS Loan is secured by the following properties: 1W7 Carpark, LLC, 222 W 7th Holdco, LLC, 222 Sheridan Bricktown Garage, LLC, 322 Streeter Holdco, LLC, Denver 1725 Champa Street Garage, LLC, MVP Hawaii Marks Garage, LLC and MVP Indianapolis City Park Garage, LLC. | |
| (5) | As mentioned below, we entered into an interest rate swap agreement effective March 2025 on the Mabley Place Garage, LLC loan. The interest rate is SOFR plus a spread of 3.25% with a fixed overall rate of 7.29%. | |
| (6) | Refinanced with a $100 million asset-backed securitization as discussed below. |
In February 2024, we refinanced the note payable for MVP St. Louis 2013 and MVP Memphis Poplar with a year, $5.9 million note payable with an interest rate of 7.94%. In December 2024, we refinanced the note payable for Mabley Place Garage, LLC with a -year, $12.0 million note payable with an interest rate of SOFR plus a spread of 3.25%.
In December 2024, we entered into a 10-year, $75.5 million CMBS financing with Argentic Real Estate Finance 2 LLC (the “2034 CMBS Loan”). The 2034 CMBS Loan bears a fixed annual interest rate of 7.76% and is secured by a pool of seven properties. The 2034 CMBS Loan agreement contains customary covenants and reserve requirements. The Operating Company serves as a non-recourse guarantor and is required to maintain a net worth in excess of $40.0 million. The fees associated with entering into the 2034 CMBS Loan of approximately $1.5 million are being amortized over the term of the loan to Interest Expense on the Consolidated Statement of Operations.
In August 2025, we paid off the MVP Houston Saks Garage LLC loan with a payment of $2.7 million upon maturity.
In October 2025, we refinanced $84.2 million of long-term debt through an asset-backed securitization of 19 properties in our portfolio. In this transaction, we issued 4.15% Series 2025-1 Class A-2 Notes (the “2025-1 Notes”) priced at 88.30% of the principal amount of $100 million. The 2025-1 Notes have an anticipated repayment date in October 2030 and a final maturity date in October 2055. The 2025-1 Notes were issued under a base indenture and supplemented by the Series 2025-1 indenture supplement, each of which contain customary covenants and events of default. If the 2025-1 Notes are not paid in full at their anticipated repayment date, additional interest will begin to accrue. We may redeem the 2025-1 Notes at any time prior to their anticipated repayment date subject to payment of a make-whole premium. The 2025-1 Notes are issued and guaranteed by wholly-owned subsidiaries of the Operating Company. The fees associated with entering into the 2025-1 Notes of approximately $4.0 million and the discount on the loan of approximately $11.7 million are being amortized through the anticipated repayment date to Interest Expense on the Consolidated Statement of Operations.
As of December 31, 2025, future principal payments on notes payable are as follows (dollars in thousands):
| 2026 | $ | 3,134 | ||
| 2027 | 20,411 | |||
| 2028 | 2,955 | |||
| 2029 | 8,636 | |||
| Thereafter | 163,171 | |||
| Total | $ | 198,307 |
Line of Credit
In September 2024, we entered into a $40.4 million revolving credit facility agreement with Harvest Small Cap Partners, L.P. and Harvest Small Cap Partners Master, Ltd. (collectively, the “Lenders”) maturing in September 2025 (the “Line of Credit”). On September 5, 2025, we entered into a first amendment to the Line of Credit, which extended the maturity date to December 31, 2025, and on December 23, 2025, we entered into a second amendment to the Line of Credit, which extended the maturity date to March 31, 2026. Borrowings under the Line of Credit will accrue interest at a rate of 15.0% per annum, with interest payable in arrears at maturity or upon repayment of any principal amount borrowed under the Line of Credit. After certain amounts paid with the initial proceeds, the Line of Credit may only be used for redemption payments on the Series A Preferred Stock and Series 1 Preferred Stock and funding of the share repurchase program, discussed below. The Line of Credit includes provisions for defaults on recourse indebtedness in an aggregate amount equal to or exceeding $25 million and non-recourse indebtedness in an aggregate amount equal to or exceeding $50 million. Mr. Osher, Chair of the Board, is the managing member of No Street Capital LLC, which serves as the investment manager of the Lenders.
We issued 500,000 shares of common stock to the Lenders at the closing date, which was considered a debt issuance cost of approximately $1.8 million and recorded in Other Assets on our Consolidated Balance Sheets and amortized over the one-year term to Interest Expense on the Consolidated Statement of Operations.
As of December 31 2025, approximately $25.9 million was outstanding under the Line of Credit. Additionally, there was approximately $4.9 million in accrued interest on the Line of Credit as of December 31, 2025 that is recorded in Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets.
Interest Rate Swap
In December 2024, we entered an interest rate swap agreement to coincide with the refinance of Mabley Place Garage, LLC, which will mature in December 2027, the value of which was immaterial as of December 31, 2024. The value of the interest rate swap was $0.2 million as of December 31, 2025 and is recorded within Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets. The arrangement was for a notional amount of $12.0 million and a fixed overall rate of 7.29% beginning in March 2025. Our use of derivative instruments is limited to this interest rate cap to manage interest rate exposure. The principal objective of this arrangement is to minimize the risks and costs associated with our financial structure, which are in part determined by interest rates. We have elected not to use hedge accounting due to the short-term duration of the arrangement and, as such, will reflect changes in fair value of the arrangement within Other Income, Net on our Consolidated Statements of Operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 22, 2024 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.