Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 211

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 8
Chunk 211
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 Bond Rating Agency) Net-Lease Mortgage Notes (the “ABS Notes”) for gross proceeds of $192,935 and $71,065, respectively, pursuant to the Master Indenture Agreement, among the 95 and 40 properties directly or indirectly owned, as of that date, by the Predecessor and Joint Venture, respectively (collectively, the “Issuers”), and the Indenture Trustee. On October 20, 2023, the Predecessor acquired the remaining 50% interest in the Joint Venture held by the JV Partner and assumed debt at fair value of $66,907, net of a discount of $2,824. As of December 31, 2023, the ABS Notes are secured by 129 properties directly owned by the Predecessor having a carrying value of $316,322, an assignment of leases and rents and are guaranteed by the Predecessor in the aggregate. For the years ended December 31, 2024 and 2023, amortization of financing transaction costs recorded by the Company were $1,249 and $1,256, respectively. For the years ended December 31, 2024 and 2023, amortization of discount costs recorded by the Company were $2,440 and $384, respectively. On December 30, 2024, the Company used the proceeds from the JPMorgan Chase Bank, Revolving Credit Facility and JPMorgan Chase Bank, Term Loan to repay the outstanding borrowings on the ABS Notes in the amount of $252,953. (b)CIBC Bank USA Credit Facility The Predecessor entered into a credit facility agreement with CIBC Bank USA, which provides for a secured revolving line of credit of $65,000 (the “CIBC Revolving Credit Facility”). The CIBC Revolving Credit Facility had a three-year term expiring on March 8, 2024, with two one-year extensions. On March 8, 2024 the Company exercised its option to extend the term for one year to mature on March 8, 2025. The extension was in management’s control as the Predecessor was compliant with the required covenants and can pay the extension fee. The CIBC Revolving Credit Facility bore interest at a rate equal to LIBOR subject to a floor of 0.25% plus 2.25%. Interest only payments are due until maturity. The CIBC Revolving Credit Facility was also subject to an unused commitment fee equal to