FSP refinances $249M debt with TPG facility, suspends dividends, sells Greenwood Plaza

Filed July 28, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

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  Closed $320M TPG Credit Facility in February 2026, retiring all prior debt ($249M across BMO, BofA, Senior Notes) and extending maturity to 2029. Facility carries 9% cash interest plus 6% OID amortization, raising all-in cost and driving $2.8M interest expense increase in H1 2026.

  Notes: TPG Credit Facility refinancing verify on EDGAR →
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  Removed going-concern disclosure present in Q2 2025, which had flagged substantial doubt due to April 2026 debt maturities. Refinancing eliminated the near-term liquidity crisis that dominated prior-year disclosure.

  Controls: going concern removal verify on EDGAR →
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  Suspended quarterly cash dividends in March 2026 to redirect capital toward leasing efforts. New TPG Credit Agreement restricts dividends to greater of $0.01/share or REIT minimum, down from prior variable policy.

  MD&A: dividend suspension verify on EDGAR →