Stratus Properties Inc. (Stratus) announced effective March 10, 2023, Stratus and certain of its wholly-owned subsidiaries (the Subsidiary Borrowers, and collectively with Stratus, the Borrowers), as borrowers, and Comerica Bank (Comerica), as lender, entered into the Fifth Modification Agreement (the Fifth Modification), which amends that certain Loan Agreement dated June 29, 2018 by and between the Borrowers and Comerica (the Loan Agreement), and that certain Amended and Restated Revolving Promissory Note dated May 13, 2022 by and between the Borrowers and Comerica (the Note), each as previously amended. The Subsidiary Borrowers are Stratus Properties Operating Co., L.P., a Delaware limited partnership, Circle C Land, L.P., a Texas limited partnership, Austin 290 Properties Inc., a Texas corporation, The Villas at Amarra Drive, L.L.C., a Texas limited liability company, and Stratus Lakeway Center, L.L.C., a Texas limited liability company. The Loan Agreement and Note provide for a secured revolving credit facility.

The Fifth Modification amends the Loan Agreement and Note to (i) extend the maturity date to March 27, 2025 and (ii) increase the Bloomberg Short-Term Bank Yield Index (BSBY) Rate floor from 0.0% to 0.5%. Advances under the revolving credit facility now bear interest at the one-month BSBY Rate (with a floor of 0.5%) plus 4.0%. At March 10, 2023, the maximum amount that could be borrowed under the facility was $53.7 million, and the Borrowers had $42.7 million available under the facility, net of letters of credit totaling $11.0 million that have been issued under the facility.