{"schema_version":"secwatch.filing_event.v1","accession":"0000885508-23-000005","form_type":"8-K","ticker":"STRS","cik":"0000885508","company_name":"STRATUS PROPERTIES INC","filed_at":"2023-02-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:48.392484+00:00","generated_at":"2026-06-19T15:02:45.021834+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Stratus Properties secures $26.1M loan for Holden Hills residential project, construction begins","bullets":["Secured $26.1M construction loan from Comerica Bank for Phase I of Holden Hills, a 495-acre, 475-home project in Barton Creek community.","Loan matures Feb 2026, interest at 1-month BSBY + 3.0% (floor 0.5%), interest-only payments, secured by Phase I and II land.","Stratus guaranteed loan and completion; must maintain Net Asset Value ≥$125M and Debt-to-Gross-Asset ≤50%.","Joint venture with unrelated third-party contributed 50% of equity; construction has begun, home sales expected late 2024.","MUD reimbursements estimated up to $6.4M for off-site improvements and $8.0M for on-site; applied to principal."],"urls":{"canonical":"https://secwatch.observer/filing/0000885508-23-000005","json":"https://secwatch.observer/filing/0000885508-23-000005.json","markdown":"https://secwatch.observer/filing/0000885508-23-000005.md","text":"https://secwatch.observer/filing/0000885508-23-000005.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/strs-20230208.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-19T15:02:45.021834+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"75177b29f17307b70eb16a43305af3dbc722f5b2","claim":"STRATUS PROPERTIES INC incurred credit facility of aggregate principal amount of the lesser of (i) $26.1 million, (ii) 23% of the total development costs for Phase I or (i with Comerica Bank at one-month Bloomberg Short-Term Bank Yield Index Rate with a floor of 0.5%, plus maturing February 8, 2026.","evidence_excerpt":"is incorporated into this Item 1.01 by reference. The Loan Documents provide for a senior secured construction loan (Loan) in the aggregate principal amount of the lesser of (i) $26.1 million, (ii) 23% of the total development costs for Phase I or (iii) the amount that would result in a maximum loan-to-value ratio of 28%. The Loan has a maturity date of February 8,","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"aggregate principal amount of the lesser of (i) $26.1 million, (ii) 23% of the total development costs for Phase I or (i"},{"label":"Counterparty","value":"Comerica Bank"},{"label":"Rate","value":"one-month Bloomberg Short-Term Bank Yield Index Rate with a floor of 0.5%, plus"},{"label":"Maturity","value":"February 8, 2026"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"585b6a25918db1d20cace69d6ea4b8ba53141292","claim":"STRATUS PROPERTIES INC entered into Loan Agreement with Comerica Bank valued at $26.1 million (effective 2023-02-08).","evidence_excerpt":"On February 8, 2023, Holden Hills, L.P., a Texas limited partnership and 50% owned subsidiary of Stratus Properties Inc. (Stratus), as borrower (Partnership), and Comerica Bank, as lender (Lender), entered into a construction loan agreement (Loan Agreement), installment note and other related loan and collateral documents, and Stratus and Lender entered into a guaranty (collectively, the Loan Documents), to finance the development of Phase I of the Holden Hills development project (Holden Hills Project).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Comerica Bank"},{"label":"Value","value":"$26.1 million"},{"label":"Effective","value":"2023-02-08"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}