{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-098109","form_type":"8-K","ticker":"IIPR","cik":"0001677576","company_name":"INNOVATIVE INDUSTRIAL PROPERTIES INC","filed_at":"2025-10-09T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.124213+00:00","generated_at":"2026-05-17T04:11:55.444042+00:00","sec_items":["1.01","2.03","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"IIPR secures $100M secured revolver, expandable to $135M, backed by IQHQ assets","bullets":["Credit facility with East West Bank, 3-year term maturing Oct 3, 2028.","Interest rate: greater of 1-month SOFR+2.0% or 6.10% (6.1% as of Oct 3).","$35M accordion feature allows expansion to $135M if lenders increase commitments.","Secured by IQHQ note and Series G-1 Preferred Stock; no material financial covenants other than liquidity and 2.0x DSC ratio.","Management cites 800+ bps accretive spread on IQHQ investment and enhanced financial flexibility."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-098109","json":"https://secwatch.observer/filing/0001104659-25-098109.json","markdown":"https://secwatch.observer/filing/0001104659-25-098109.md","text":"https://secwatch.observer/filing/0001104659-25-098109.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925098109/0001104659-25-098109-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925098109/tm2528333d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T04:11:55.444042+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":"498f316027b67a5bb60d62f2ddaafb1ab3c76cc7","claim":"INNOVATIVE INDUSTRIAL PROPERTIES INC incurred revolving credit of up to $100 million with East West Bank at the greater of (i) the one-month Secured Overnight Financing Rate, as administer maturing October 3, 2028.","evidence_excerpt":"IIP LP has a revolving line of credit available up to $100 million until the maturity date on October 3, 2028.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925098109/0001104659-25-098109-index.htm","confidence":0.98,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"up to $100 million"},{"label":"Counterparty","value":"East West Bank"},{"label":"Rate","value":"the greater of (i) the one-month Secured Overnight Financing Rate, as administer"},{"label":"Maturity","value":"October 3, 2028"},{"label":"Event","value":"incurrence"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}