v3.26.1
Mortgages, Notes, and Loans Payable, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary and activity for mortgages, notes and loans payable Mortgages, notes, and loans payable, net are summarized as follows:
thousands
March 31, 2026
December 31, 2025
Fixed-rate debt
Senior unsecured notes$2,300,000 $2,050,000 
Secured mortgages payable1,791,695 1,793,561 
Special Improvement District bonds78,173 80,294 
Variable-rate debt (a)
Secured Bridgeland Notes85,000 85,000 
Secured mortgages payable1,583,396 1,135,359 
Unamortized deferred financing costs (b)(46,968)(34,386)
Mortgages, notes, and loans payable, net$5,791,296 $5,109,828 
(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information.
(b)Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).
Summary of senior unsecured note
The following table summarizes the Company’s senior unsecured notes by issuance date. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity.
$ in thousandsPrincipalMaturity DateInterest Rate
February 2021650,000 February 2029
4.125%
February 2021650,000 February 2031
4.375%
February 2026500,000 February 2032
5.875%
February 2026500,000 February 2034
6.125%
Senior unsecured notes$2,300,000 
Summary of secured mortgages payable
The following table summarizes the Company’s secured mortgages payable:
March 31, 2026December 31, 2025
$ in thousandsPrincipalRange of Interest RatesWeighted-average Interest RateWeighted-average Years to MaturityPrincipalRange of Interest RatesWeighted-average Interest RateWeighted-average Years to Maturity
Fixed rate (a)$1,791,695 
3.13% - 8.67%
4.92 %4.8$1,793,561 
3.13% - 8.67%
4.91%5.1
Variable rate (b)1,583,396 
5.42% - 8.87%
6.89 %2.01,135,359 
5.77% - 8.87%
7.34%1.3
Secured mortgages payable$3,375,091 
3.13% - 8.87%
5.84 %3.5$2,928,920 
3.13% - 8.87%
5.85%3.6
(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.
(b)Interest rates presented are based on the applicable reference interest rates as of March 31, 2026, and December 31, 2025, excluding the effects of interest rate derivatives.