At April 30, 2026 and October 31, 2025, loans payable consisted of the following (amounts in thousands):


	April 30, 2026		October 31, 2025
Senior unsecured term loan	$	650,000	$	650,000

Loans payable – other	257,956		249,087
Deferred issuance costs	(4,620)		(2,699)
	$	903,336	$	896,388

We are party to a $650.0 million senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks that, prior to its amendment on February 5, 2026, was scheduled to mature on February 7, 2030. On February 5, 2026, we amended the Term Loan Facility to, among other things, extend the maturity date of $548.4 million of outstanding term loans to February 5, 2031, with the remaining $101.6 million continuing to be due on February 7, 2030. No principal payments are required before such maturity dates. Under the Term Loan Facility, we may select interest rates equal to (i) the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin, (ii) the base rate (as defined in the agreement) plus an applicable margin, or (iii) the federal funds/Euro rate (as defined in the agreement) plus an applicable margin, in each case, based on our leverage ratio. At April 30, 2026, the interest rate on the Term Loan Facility was 4.45% per annum. Toll Brothers, Inc. and substantially all of its 100%-owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the Revolving Credit Facility described below.

We are party to a senior unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of banks that, prior to its amendment on February 5, 2026, was scheduled to mature on February 7, 2030. On February 5, 2026, we amended the Revolving Credit Facility to, among other things, extend its maturity date to February 5, 2031 and increase the total amount

of revolving loans and commitments available from $2.35 billion to $2.38 billion. We have the ability to increase the maximum borrowing capacity of the Revolving Credit Facility to up to $3.00 billion by adding additional lenders or obtaining the consent of any existing lenders that agrees to a commitment increase. Under the Revolving Credit Facility, up to 50% of the commitment is available for letters of credit. Toll Brothers, Inc. and substantially all of its 100%-owned home building subsidiaries are guarantors of the borrower’s obligations under the Revolving Credit Facility.

Both our Revolving Credit Facility and Term Loan Facility require us to maintain certain financial covenants, which include not exceeding a defined maximum leverage ratio and maintaining a minimum tangible net worth. In addition, our ability to repurchase our common stock and pay cash dividends is limited by these agreements. However, during the three-month and six-month periods ended April 30, 2026, these limitations did not meaningfully restrict our ability to pay cash dividends or repurchase stock. We were in compliance with all covenants and requirements as of April 30, 2026.

On April 30, 2026, the maximum borrowing capacity under the Revolving Credit Facility was $2.38 billion, we had no outstanding borrowings, and had approximately $136.5 million of outstanding letters of credit issued. At April 30, 2026, the interest rate on outstanding borrowings under the Revolving Credit Facility, which is a variable rate, would have been 4.75% per annum.

“Loans payable – other” primarily represents purchase money mortgages on properties we acquired that the seller had financed, project-level financing, and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure. At April 30, 2026, the weighted-average interest rate on “Loans payable – other” was 5.49% per annum.