Debt (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-term Debt Instruments |
The following table summarizes the Company’s financing arrangements in place as of March 31, 2026 (dollars in thousands):
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March 31, 2026 |
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|
|
Facility |
|
|
Collateral |
|
|
|
Date issued |
|
Outstanding
face amount |
|
|
Carrying
value |
|
|
|
Final stated
maturity |
|
Weighted
average
interest
rate (1) |
|
|
Weighted
average
life (years)
(2) |
|
|
Outstanding
face amount |
|
|
Amortized cost basis |
|
|
Carrying
value (3) |
|
|
Weighted
average
life (years)
(2) |
|
Master Repurchase Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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CMBS |
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|
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|
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|
|
|
|
|
|
|
|
Mizuho(4) |
|
4/15/2020 |
|
|
164,614 |
|
|
|
164,614 |
|
|
|
N/A |
(5) |
|
5.38 |
% |
|
|
0.0 |
|
|
|
615,619 |
|
|
|
240,905 |
|
|
|
225,571 |
|
|
|
4.1 |
|
Asset Specific Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Family Rental loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac |
|
7/12/2019 |
|
|
97,438 |
|
|
|
97,437 |
|
|
|
7/12/2029 |
|
|
2.64 |
% |
|
|
1.6 |
|
|
|
106,844 |
|
|
|
108,903 |
|
|
|
108,903 |
|
|
|
1.6 |
|
Mezzanine loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac |
|
10/20/2020 |
|
|
56,183 |
|
|
|
56,183 |
|
|
|
8/1/2031 |
|
|
0.30 |
% |
|
|
4.1 |
|
|
|
91,802 |
|
|
|
95,967 |
|
|
|
95,967 |
|
|
|
4.1 |
|
Multifamily properties |
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|
|
|
|
|
|
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|
|
|
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|
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Argentic |
|
10/10/2023 |
|
|
63,500 |
|
|
|
63,500 |
|
|
|
11/6/2026 |
(6) |
|
8.32 |
% |
|
|
1.6 |
|
|
N/A |
|
|
|
64,310 |
|
|
|
64,310 |
|
|
|
1.6 |
|
Ullico |
|
12/15/2025 |
|
|
42,000 |
|
|
|
42,651 |
|
|
|
10/1/2027 |
|
|
6.31 |
% |
|
|
2.5 |
|
|
N/A |
|
|
|
48,631 |
|
|
|
48,631 |
|
|
|
2.5 |
|
Common stock investment |
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NexBank, SSB |
|
4/29/2024 |
|
|
10,000 |
|
|
|
9,980 |
|
|
|
4/26/2027 |
(7) |
|
8.52 |
% |
|
|
1.1 |
|
|
N/A |
|
|
N/A |
|
|
|
27,968 |
|
|
N/A |
|
Unsecured Financing |
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|
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|
|
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Various |
|
10/10/2025 |
|
|
45,000 |
|
|
|
44,181 |
|
|
|
10/10/2026 |
(8) |
|
7.88 |
% |
|
|
1.5 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
Various |
|
4/20/2021 |
|
|
180,000 |
|
|
|
179,937 |
|
|
|
5/1/2026 |
(9) |
|
5.75 |
% |
|
|
0.1 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
NFRO REIT Sub, LLC |
|
10/18/2022 |
|
|
6,500 |
|
|
|
6,500 |
|
|
|
10/18/2027 |
|
|
7.50 |
% |
|
|
1.6 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
Total/weighted average |
|
|
|
$ |
665,235 |
|
|
$ |
664,983 |
|
|
|
|
|
|
5.23 |
% |
|
|
1.1 |
|
|
$ |
814,265 |
|
|
$ |
558,716 |
|
|
$ |
571,350 |
|
|
|
3.8 |
|
(1)Weighted-average interest rate using unpaid principal balances. (2)Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. (3)CMBS are shown at fair value on an unconsolidated basis. SFR Loans and mezzanine loans are shown at amortized cost. Multifamily properties and Common stock are shown at fair value. (4)On April 15, 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities ("Mizuho"). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips. (5)The master repurchase agreement with Mizuho does not have a stated maturity date. The transactions in place have a one-month to two-month tenor and are expected to roll accordingly. (6)Debt was assumed upon consolidation of this property and recorded at the outstanding principal amount. The Company extended the loan to November 6, 2026 and has the option to extend further to November 6, 2027. (7)On February 9, 2026, the Company extended the debt to April 26, 2027. (8)On October 10, 2025, the OP issued an aggregate of $45.0 million of 7.875% Senior Unsecured Notes (the "2026 OP Notes"). The OP used a portion of the proceeds to fully repay the OP 7.50% Senior Unsecured Notes. The Company has the option to extend the maturity date of the 2026 OP Notes to October 10, 2027. (9)Debt was repaid at stated maturity of May 1, 2026. See Note 17. The following table summarizes the Company’s financing arrangements in place as of December 31, 2025 (dollars in thousands):
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|
December 31, 2025 |
|
|
|
Facility |
|
|
Collateral |
|
|
|
Date issued |
|
Outstanding
face amount |
|
|
Carrying
value |
|
|
|
Final stated
maturity |
|
Weighted
average
interest
rate (1) |
|
|
Weighted
average
life (years)
(2) |
|
|
Outstanding
face amount |
|
|
Amortized cost basis |
|
|
Carrying
value (3) |
|
|
Weighted
average
life (years)
(2) |
|
Master Repurchase Agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CMBS |
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mizuho(4) |
|
4/15/2020 |
|
|
258,038 |
|
|
|
258,038 |
|
|
|
N/A |
(5) |
|
5.53 |
% |
|
|
0.0 |
|
|
|
740,359 |
|
|
|
352,744 |
|
|
|
336,014 |
|
|
|
3.8 |
|
Asset Specific Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Single Family Rental loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac |
|
7/12/2019 |
|
|
108,220 |
|
|
|
108,220 |
|
|
|
7/12/2029 |
|
|
2.69 |
% |
|
|
1.9 |
|
|
|
118,550 |
|
|
|
121,239 |
|
|
|
121,239 |
|
|
|
1.9 |
|
Mezzanine loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac |
|
10/20/2020 |
|
|
57,945 |
|
|
|
57,945 |
|
|
|
8/1/2031 |
|
|
0.30 |
% |
|
|
4.3 |
|
|
|
94,682 |
|
|
|
98,709 |
|
|
|
98,709 |
|
|
|
4.3 |
|
Multifamily properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentic |
|
10/10/2023 |
|
|
63,500 |
|
|
|
63,500 |
|
|
|
11/6/2026 |
(6) |
|
8.32 |
% |
|
|
0.8 |
|
|
N/A |
|
|
|
64,467 |
|
|
|
64,467 |
|
|
|
0.8 |
|
Ullico |
|
12/15/2025 |
|
|
42,000 |
|
|
|
42,651 |
|
|
|
10/1/2027 |
|
|
6.31 |
% |
|
|
1.8 |
|
|
N/A |
|
|
|
49,412 |
|
|
|
49,412 |
|
|
|
1.8 |
|
Common stock investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NexBank, SSB |
|
4/29/2024 |
|
|
10,000 |
|
|
|
9,976 |
|
|
|
4/26/2027 |
(7) |
|
8.26 |
% |
|
|
1.3 |
|
|
N/A |
|
|
N/A |
|
|
|
24,342 |
|
|
N/A |
|
Unsecured Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various |
|
10/10/2025 |
|
|
45,000 |
|
|
|
43,051 |
|
|
|
10/10/2026 |
(8) |
|
7.88 |
% |
|
|
0.8 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
Various |
|
4/20/2021 |
|
|
180,000 |
|
|
|
179,561 |
|
|
|
5/1/2026 |
(9) |
|
5.75 |
% |
|
|
0.3 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
NFRO REIT Sub, LLC |
|
10/18/2022 |
|
|
6,500 |
|
|
|
6,500 |
|
|
|
10/18/2027 |
|
|
7.50 |
% |
|
|
1.8 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
Total/weighted average |
|
|
|
$ |
771,203 |
|
|
$ |
769,442 |
|
|
|
|
|
|
5.25 |
% |
|
|
0.9 |
|
|
$ |
953,591 |
|
|
$ |
686,571 |
|
|
$ |
694,183 |
|
|
|
3.6 |
|
(1)Weighted-average interest rate using unpaid principal balances. (2)Weighted-average life is determined using the maximum maturity date of the corresponding loans, assuming all extension options are exercised by the borrower. (3)CMBS are shown at fair value on an unconsolidated basis. SFR Loans and mezzanine loans are shown at amortized cost. Multifamily properties and Common stock are shown at fair value. (4)On April 15, 2020, three of our subsidiaries entered into a master repurchase agreement with Mizuho Securities ("Mizuho"). Borrowings under these repurchase agreements are collateralized by portions of the CMBS B-Pieces and CMBS I/O Strips. (5)The master repurchase agreement with Mizuho does not have a stated maturity date. The transactions in place have a one-month to two-month tenor and are expected to roll accordingly. (6)Debt was assumed upon consolidation of this property and recorded at the outstanding principal amount. The loan was extended to November 6, 2026. (7)On February 9, 2026, the Company extended the debt to April 26, 2027. (8)On October 10, 2025, the OP issued an aggregate of $45.0 million of the 2026 OP Notes. The OP used a portion of the proceeds to fully repay the OP 7.50% Senior Unsecured Notes. (9)Debt was repaid at stated maturity of May 1, 2026. See Note 17
|
| Schedule of Debt |
As of March 31, 2026, the outstanding principal balances related to the levered senior and mezzanine loans consisted of the following (dollars in thousands):
|
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|
|
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|
|
|
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|
Investment |
|
Investment Date |
|
Outstanding Principal Balance (1) |
|
|
Location |
|
Property Type |
|
Interest Type |
|
Interest Rate |
|
|
Maturity Date |
|
|
Senior Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Senior loan |
|
2/11/2020 |
|
$ |
27,136 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.14 |
% |
|
5/1/2026 |
|
2 |
|
Senior loan |
|
2/11/2020 |
|
|
32,399 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.70 |
% |
|
11/1/2028 |
|
3 |
|
Senior loan |
|
2/11/2020 |
|
|
8,820 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.45 |
% |
|
5/1/2026 |
|
4 |
|
Senior loan |
|
2/11/2020 |
|
|
6,397 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.51 |
% |
|
2/1/2028 |
|
5 |
|
Senior loan |
|
2/11/2020 |
|
|
7,568 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.14 |
% |
|
1/1/2029 |
|
6 |
|
Senior loan |
|
2/11/2020 |
|
|
5,606 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.99 |
% |
|
3/1/2029 |
|
7 |
|
Senior loan |
|
2/11/2020 |
|
|
4,917 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.14 |
% |
|
12/1/2028 |
|
8 |
|
Senior loan |
|
2/11/2020 |
|
|
4,594 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.64 |
% |
|
10/1/2028 |
|
|
Total |
|
|
|
$ |
97,437 |
|
|
|
|
|
|
|
|
|
2.64 |
% |
|
|
|
|
Mezzanine Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Mezzanine loan |
|
10/20/2020 |
|
$ |
8,723 |
|
|
Wilmington, DE |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
6/1/2029 |
|
2 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
7,344 |
|
|
White Marsh, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
4/1/2031 |
|
3 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
6,353 |
|
|
Philadelphia, PA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
|
4 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
5,881 |
|
|
Daytona Beach, FL |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
|
5 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
4,523 |
|
|
Laurel, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
|
6 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
4,179 |
|
|
Temple Hills, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
1/1/2029 |
|
7 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
3,390 |
|
|
Temple Hills, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
5/1/2029 |
|
8 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
3,348 |
|
|
Lakewood, NJ |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
5/1/2029 |
|
9 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
2,454 |
|
|
North Aurora, IL |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
11/1/2028 |
|
10 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
2,264 |
|
|
Rosedale, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
10/1/2028 |
|
11 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
2,215 |
|
|
Cockeysville, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
|
12 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
2,026 |
|
|
Laurel, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2029 |
|
13 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
1,836 |
|
|
Vancouver, WA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
8/1/2031 |
|
14 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
918 |
|
|
Atlanta, GA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
8/1/2031 |
|
15 |
|
Mezzanine loan |
|
10/20/2020 |
|
|
728 |
|
|
Des Moines, IA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
3/1/2029 |
|
|
Total |
|
|
|
$ |
56,183 |
|
|
|
|
|
|
|
|
|
0.30 |
% |
|
|
(1)Outstanding principal balance represents the total repurchase agreement balance outstanding as of March 31, 2026 As of December 31, 2025, the outstanding principal balances related to the levered senior and mezzanine loans consisted of the following(dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
Investment Date |
|
Outstanding Principal Balance (1) |
|
|
Location |
|
Property Type |
|
Interest Type |
|
Interest Rate |
|
|
Maturity Date |
Senior Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior loan |
|
2/11/2020 |
|
$ |
28,564 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.14 |
% |
|
4/1/2026 |
Senior loan |
|
2/11/2020 |
|
|
32,563 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.70 |
% |
|
11/1/2028 |
Senior loan |
|
2/11/2020 |
|
|
9,284 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.45 |
% |
|
3/1/2026 |
Senior loan |
|
2/11/2020 |
|
|
6,460 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.51 |
% |
|
2/1/2028 |
Senior loan |
|
2/11/2020 |
|
|
8,554 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.30 |
% |
|
10/1/2028 |
Senior loan |
|
2/11/2020 |
|
|
7,606 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.14 |
% |
|
1/1/2029 |
Senior loan |
|
2/11/2020 |
|
|
5,635 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.99 |
% |
|
3/1/2029 |
Senior loan |
|
2/11/2020 |
|
|
4,934 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
3.14 |
% |
|
12/1/2028 |
Senior loan |
|
2/11/2020 |
|
|
4,620 |
|
|
Various |
|
Single-family |
|
Fixed |
|
|
2.64 |
% |
|
10/1/2028 |
Total |
|
|
|
$ |
108,220 |
|
|
|
|
|
|
|
|
|
2.69 |
% |
|
|
Mezzanine Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine loan |
|
10/20/2020 |
|
$ |
8,723 |
|
|
Wilmington, DE |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
6/1/2029 |
Mezzanine loan |
|
10/20/2020 |
|
|
7,344 |
|
|
White Marsh, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
4/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
6,353 |
|
|
Philadelphia, PA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
5,881 |
|
|
Daytona Beach, FL |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
4,523 |
|
|
Laurel, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
4,179 |
|
|
Temple Hills, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
1/1/2029 |
Mezzanine loan |
|
10/20/2020 |
|
|
3,390 |
|
|
Temple Hills, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
5/1/2029 |
Mezzanine loan |
|
10/20/2020 |
|
|
3,348 |
|
|
Lakewood, NJ |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
5/1/2029 |
Mezzanine loan |
|
10/20/2020 |
|
|
2,454 |
|
|
North Aurora, IL |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
11/1/2028 |
Mezzanine loan |
|
10/20/2020 |
|
|
2,264 |
|
|
Rosedale, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
10/1/2028 |
Mezzanine loan |
|
10/20/2020 |
|
|
2,215 |
|
|
Cockeysville, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
2,026 |
|
|
Laurel, MD |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
7/1/2029 |
Mezzanine loan |
|
10/20/2020 |
|
|
1,836 |
|
|
Vancouver, WA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
8/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
1,763 |
|
|
Tyler, TX |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
11/1/2028 |
Mezzanine loan |
|
10/20/2020 |
|
|
918 |
|
|
Atlanta, GA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
8/1/2031 |
Mezzanine loan |
|
10/20/2020 |
|
|
728 |
|
|
Des Moines, IA |
|
Multifamily |
|
Fixed |
|
|
0.30 |
% |
|
3/1/2029 |
Total |
|
|
|
$ |
57,945 |
|
|
|
|
|
|
|
|
|
0.30 |
% |
|
|
(1)Outstanding principal balance represents the total repurchase agreement balance outstanding as of December 31, 2025.
|
| Schedule of Line of Credit Facilities |
For the three months ended March 31, 2026 and 2025, the activity related to the carrying value of the master repurchase agreements, secured financing agreements, mortgages payable and unsecured financing were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Balances as of, January 1, |
|
$ |
769,442 |
|
|
$ |
795,688 |
|
Principal borrowings |
|
|
4,386 |
|
|
|
45,119 |
|
Principal repayments |
|
|
(35,460 |
) |
|
|
(13,116 |
) |
Principal repayments on mortgages payable |
|
|
— |
|
|
|
(86 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
45 |
|
Accretion of discounts |
|
|
1,510 |
|
|
|
411 |
|
Amortization of deferred financing costs |
|
|
— |
|
|
|
12 |
|
Balances as of March 31, |
|
$ |
739,878 |
|
|
$ |
828,073 |
|
|
| Schedule of Maturities of Long-term Debt |
The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2026 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Recourse |
|
|
Non-recourse |
|
|
Total |
|
2026 (1) |
|
$ |
180,000 |
|
|
$ |
200,571 |
|
|
$ |
380,571 |
|
2027 |
|
|
125,000 |
|
|
|
— |
|
|
|
125,000 |
|
2028 |
|
|
42,000 |
|
|
|
53,026 |
|
|
|
95,026 |
|
2029 |
|
|
— |
|
|
|
35,568 |
|
|
|
35,568 |
|
2030 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Thereafter |
|
|
— |
|
|
|
29,070 |
|
|
|
29,070 |
|
|
|
$ |
347,000 |
|
|
$ |
318,235 |
|
|
$ |
665,235 |
|
(1)The transactions in place in the master repurchase agreement with Mizuho have a one-month to two-month tenor and are expected to roll accordingly.
|