| Schedule of Notes Payable and Other Debt |
As of June 30, 2025 and December 31, 2024, notes payable and other debt consisted of the following (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate (%) | | Maturity Date | | Principal Outstanding | | | | | June 30, 2025 | | December 31, 2024 | | Secured: | | | | | | | | | | Photovoltaic Financing | | (1) | | (1) | | $ | 5,292 | | | $ | 3,932 | | | Manoa Marketplace | | (2) | | 2029 | | 49,942 | | | 50,877 | | | Subtotal | | | | | | $ | 55,234 | | | $ | 54,809 | | | Unsecured: | | | | | | | | | | Series J Note | | 4.66% | | 2025 | | $ | — | | | $ | 10,000 | | | Series B Note | | 5.55% | | 2026 | | 2,000 | | | 18,000 | | | Series C Note | | 5.56% | | 2026 | | 7,000 | | | 7,000 | | | Series F Note | | 4.35% | | 2026 | | 7,250 | | | 7,250 | | | Series H Note | | 4.04% | | 2026 | | 50,000 | | | 50,000 | | | Series K Note | | 4.81% | | 2027 | | 34,500 | | | 34,500 | | | Series G Note | | 3.88% | | 2027 | | 15,625 | | | 15,625 | | | Series L Note | | 4.89% | | 2028 | | 18,000 | | | 18,000 | | | Series I Note | | 4.16% | | 2028 | | 25,000 | | | 25,000 | | | Term Loan 5 | | 4.30% | | 2029 | | 25,000 | | | 25,000 | | | Series M Note | | 6.09% | | 2032 | | 60,000 | | | 60,000 | | | Subtotal | | | | | | $ | 244,375 | | | $ | 270,375 | | | Revolving Credit Facilities: | | | | | | | | | | A&B Revolver | | (3) | | 2028 | (4) | 151,000 | | | 150,000 | | | | | | | | | | | | Total debt (contractual) | | | | | | $ | 450,609 | | | $ | 475,184 | | | | | | | | | | | | Unamortized debt issuance costs | | | | | | (312) | | | (347) | | | Total debt (carrying value) | | | | | | $ | 450,297 | | | $ | 474,837 | | | | | | | | | | | (1) Financing leases have a weighted average discount rate of 4.75% and maturity dates ranging from 2027 to 2030 | (2) Loan has a stated interest rate of SOFR plus 1.35%. Loan is swapped through maturity to a 3.14% fixed rate. | (3) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid, plus a SOFR adjustment of 0.10%. As of June 30, 2025 and December 31, 2024, $130.0 million is swapped through maturity to a 4.76% weighted average fixed rate. | (4) A&B Revolver has two six-month optional term extensions. |
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