Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 178

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7
Chunk 178
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 has an initial maturity of October 2027 together with two 12-month extension options, at our election, subject to certain conditions including payment of a 0.125% fee on the aggregate outstanding principal amount of the term loan. On December 30, 2024, we borrowed $200.0 million from the Term Loan to repay our ABS Notes when they matured in December 2024. Our Term Loan includes a ticking fee of 0.20% per annum on the average daily amount of unfunded term loan commitments.

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Borrowings under our Term Loan bear interest at floating rates based on Adjusted SOFR plus an applicable margin based on our leverage ratio ranging between 1.20% and 1.75% per annum. As of December 31, 2024, the applicable margin was 1.20%.

Covenants

We are subject to various covenants and financial reporting requirements pursuant to our Revolving Credit Facility and Term Loan. The table below summarizes the applicable financial covenants. If a default or event of default exists, either through default on payments or breach of covenants, we may be restricted from paying dividends to our stockholders in excess of dividends required to maintain our REIT qualification. As of December 31, 2024, we believe we were in compliance with our covenants.

    Covenants
     
    Required

    Total Leverage Ratio
     
    ≤ 60%

    Adjusted EBITDA to Fixed Charges Ratio
     
    ≥ 1.50 to 1.00

    Secured Leverage Ratio
     
    ≤ 40%

    Unencumbered NOI to Unsecured Interest Expense Ratio
     
    ≥ 1.75 to 1.00

    Unsecured Leverage Ratio
     
    ≤ 60%

    Tangible Net Worth
     
    ≥ sum of 75% of the Tangible Net Worth on completion of this offering plus 70% of equity issuance proceeds

Contractual Obligations 

The following table provides information with respect to our contractual commitments and obligations as of December 31, 2024. Refer to the discussion in the Liquidity and Capital Resources section above for further discussion over our short and long-term obligations. 

(in thousands)

    Year of Maturity
     
    Revolving Credit Facility (1)

    Term Loan (1)

    Interest Expense (2)

    Dividend (3)

    Commitments to Fund