Debt (Tables)

9 Months Ended

Sep. 30, 2020

The Company's debt consisted of the following (in thousands):


					Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date		September 30, 2020				December 31, 2019
Senior Notes (1)(2)(3)	—	6.00%	June 2025		$	496,940	$	500,484
Mortgage loan (4)	3	4.95%	October 2022		87,410		89,299
Mortgage loan (5)	1	4.94%	October 2022		28,177		28,785
Mortgage loan (1)(6)	3	1.75%	April 2024	(7)	96,000		96,000
	7				708,527		714,568
Deferred financing costs, net					(693)		(841)
Debt, net					$	707,834	$	713,727

(1)Requires payments of interest only through maturity.

(2)The Senior Notes (as defined below) include $22.1 million and $25.6 million at September 30, 2020 and December 31, 2019, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.

(3)The Company has the option to redeem the Senior Notes at a price of 103.0% of face value.

(4)Includes $1.0 million and $1.4 million at September 30, 2020 and December 31, 2019, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.

(5)Includes $0.3 million and $0.4 million at September 30, 2020 and December 31, 2019, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.

(6)The hotels encumbered by the mortgage loan are cross-collateralized.

(7)The mortgage loan provides two one year extension options.

Rangers Sub I, LLC 10-Q