| Schedule of Notes Payable |
Notes payable consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notes Payable | | March 31, 2026 | | December 31, 2025 | | Weighted Average Interest Rate (1) | | Maturity Date (1) | | Corporate notes | | $ | 25,518 | | | $ | 28,698 | | | 10.98 | % | | January 2024 - March 2028 | | Convertible corporate notes | | 640 | | | 910 | | | 8.25 | % | | April 2024 - May 2025 | Real estate loans | | 16,730 | | | 16,893 | | | 4.70 | % | | February 2027 - November 2029 | Other loans | | 58 | | | 445 | | | 11.99 | % | | August 2026 - September 2026 | | Total notes payable | | 42,946 | | | 46,946 | | | | | | Deferred financing costs, net | | (160) | | | (185) | | | | | | Discount on corporate note | | (345) | | | (414) | | | | | | | Total notes payable, net | | $ | 42,441 | | | $ | 46,347 | | | | | |
__________________________________ (1) As of March 31, 2026. Notes payable of the consolidated funds consisted of the following as of March 31, 2026 and December 31, 2025, respectively (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notes Payable | | March 31, 2026 | | December 31, 2025 | | Interest Rate (1) | | Maturity date (1) | | | Real Estate Loans | | | | | | | | | | | Commons Fundco, LLC | | $ | 31,621 | | | $ | — | | | 7.75% | | September 2028 | | Riverwalk (2) | | 14,750 | | | 14,750 | | | 7.92% | | September 2027 | | | Southpointe Fundco, LLC | | 1,050 | | | 1,050 | | | 11.99% | | September 2026 | | | West Frontier Holdco, LLC | | 5,038 | | | 5,055 | | | 6.35% | | February 2038 | | | Total Real Estate Loans | | 52,459 | | | 20,855 | | | | | | | | Member notes | | 12,924 | | | 12,924 | | | 10.00% | | September 2024 - September 2026 | | | | | | | | | | | | | Total notes payable | | 65,383 | | | 33,779 | | | | | | | | Deferred financing costs, net | | (1,525) | | | (174) | | | | | | | | Real estate loan premium | | 2,662 | | | — | | | | | | | | Total notes payable, net | | $ | 66,520 | | | $ | 33,605 | | | | | | |
__________________________________ (1) As of March 31, 2026. (2) Includes Riverwalk 1 HoldCo, LLC, Riverwalk 2 HoldCo, LLC, Riverwalk 3 HoldCo, LLC, Riverwalk 4 HoldCo, LLC, Riverwalk 5 HoldCo, LLC, Riverwalk 6 HoldCo, LLC, and Riverwalk 7 HoldCo, LLC.
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| Schedule of Maturities of Long-Term Debt |
The following table summarizes the scheduled principal repayments of the Company’s indebtedness as of March 31, 2026 (in thousands): | | | | | | | | | | Year | | Amount | | April 1, 2026 - December 31, 2026 | | $ | 21,378 | | | 2027 | | 3,510 | | | 2028 | | 3,366 | | | 2029 | | 14,692 | | | 2030 | | — | | | Thereafter | | — | | | Total | | $ | 42,946 | |
As of March 31, 2026, the future aggregate principal repayments due on the consolidated funds notes payable are as follows (in thousands): | | | | | | | | | | Year | | Amount | | April 1, 2026 - December 31, 2026 | | $ | 18,767 | | | 2027 | | 10,066 | | | 2028 | | 31,690 | | | 2029 | | 74 | | | 2030 | | 79 | | | Thereafter | | 4,707 | | | Total | | $ | 65,383 | |
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