LONG-TERM BORROWINGS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Private Placement Notes Payable |
Private placement notes payable consisted of the following as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | Stated Interest Rate | | Effective Interest Rate | | Maturity Date | | | | | | | | | | | | (in thousands) | | | | | | | | 2026 Notes - Tranche One | $ | 293,000 | | | $ | 293,000 | | | 8.00% | | 8.52% | | 10/6/2026 | | 2026 Notes - Tranche Two | 75,000 | | | 75,000 | | | 8.00% | | 8.43% | | 10/6/2026 | | Total private placement notes | 368,000 | | | 368,000 | | | | | | | | | Less: unamortized debt discount and issuance costs | (2,320) | | | (3,164) | | | | | | | | | Less: current portion of private placement notes | — | | | — | | | | | | | | | Private placement notes, net | $ | 365,680 | | | $ | 364,836 | | | | | | | |
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| Schedule of Notes Payable |
Notes payable consisted of the following as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | Stated Interest Rate | | Effective Interest
Rate | | Maturity Date | | | | | | | | | | | | | | | | (in thousands) | | | | | | | | | Mortgage Notes Payable (1) | | | | | | | | | | | | Notes dated December 21, 2022 (4) | $ | 67,475 | | | $ | 68,377 | | | (4) | | 7.87% | | 1/1/2028 | | | | Notes dated December 22, 2023 | 24,185 | | | 24,468 | | | 8.31% | | 8.48% | | 12/22/2028 | | | | Notes dated December 22, 2022 | 16,074 | | | 18,012 | | | 7.30% | | 7.38% | | 12/22/2032 | | | Notes dated October 1, 2021 | 4,950 | | | 5,193 | | | 8.14% | | 8.29% | | 11/1/2027 | | | | Total mortgage notes payable | 112,684 | | | 116,050 | | | | | | | | | | | Promissory Notes Payable | | | | | | | | | | | | Notes acquired in Harvest Acquisition in October 2021 (2) | 1,008 | | | 1,027 | | | (2) | | (2) | | (2) | | | | | | | | | | | | | | | | Total promissory notes payable | 1,008 | | | 1,027 | | | | | | | | | | Total notes payable (3) | 113,692 | | | 117,077 | | | | | | | | | | | Less: unamortized debt discount and issuance costs | (1,506) | | | (1,725) | | | | | | | | | | | Less: current portion of notes payable | (3,669) | | | (3,407) | | | | | | | | | | | Notes payable, net | $ | 108,517 | | | $ | 111,945 | | | | | | | | | |
| | | | | | | | (1) Underlying assets are pledged as collateral for the mortgage notes payable. | (2) Interest rates range from 0.00% to 7.50%, with a weighted average interest rate of 7.41% as of June 30, 2025. Maturity dates range from April 27, 2026 to October 24, 2026. | (3) Notes payable are subordinated to the private placement notes. | (4) The mortgage note payable interest rate is a variable rate equal to the CME Term Secured Overnight Financing Rate ("SOFR") plus 3.00%. In connection with the closing of this note, the Company entered into an interest rate swap to fix the interest rate at 7.53% for the term of the notes. |
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| Schedule of Stated Maturities of Notes Payable |
Stated maturities of the principal portion of private placement and notes payable outstanding and future minimum lease payments for the construction finance liabilities, including interest, as of June 30, 2025 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Private Placement Notes | | Notes Payable | | Construction Finance Liabilities | | Total Maturities | | | | | | | | | | | Year | | (in thousands) | | Remainder of 2025 | | $ | — | | | $ | 1,775 | | | $ | 8,799 | | | $ | 10,574 | | | 2026 | | 368,000 | | | 4,789 | | | 18,013 | | | 390,802 | | | 2027 | | — | | | 7,744 | | | 18,519 | | | 26,263 | | | 2028 | | — | | | 85,789 | | | 19,039 | | | 104,828 | | | 2029 | | — | | | 836 | | | 19,574 | | | 20,410 | | | Thereafter | | — | | | 12,759 | | | 263,810 | | | 276,569 | | | Total | | $ | 368,000 | | | $ | 113,692 | | | $ | 347,754 | | | $ | 829,446 | |
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