Notes payable and debt (Tables)

Notes payable consist of the following as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026		December 31, 2025
Senior Secured Notes – 2029	$	500,000	$	—
Senior Secured Notes – 2027	43,494		56,597
Senior Secured Notes – 2026	—		456,815
Amended Needham LOC	52,000		21,910
ABL Facility – EWB	12,000		12,000
Seller note payable	3,952		4,093
Other notes payable	7,820		3,308
Less: Unamortized debt discount and deferred financing fees	(7,725)		(6,071)
Notes payable, net of unamortized debt discount and deferred financing fees	611,541		548,652
Less: Notes payable - current	(41,009)		(35,730)
Notes payable - net of current	$	570,532	$	512,922

Below is a summary of the Company's credit facilities outstanding as of June 30, 2026:


Credit facility	Original facility size		Outstanding balance		Stated interest rate(11)		Maturity date
Senior Secured Notes – 2029	$	500,000	$	500,000	11.50%		February 18, 2029
Senior Secured Notes – 2027	67,000		43,494		10.00%	(5)	December 17, 2027
Senior Secured Notes – 2026(9)	475,000		—		8.00%	(4)	December 15, 2026	(9)
Amended Needham LOC(2)(10)	100,000		52,000		8.99%	(6)(10)	February 18, 2029	(10)
ABL Facility - EWB Note	12,000		12,000		6.00%	(7)	August 25, 2026
Seller note payable - Scottsdale Note(3)	5,100		3,952		5.00%	(8)	December 1, 2036
Other notes payable - miscellaneous(1)	11,870		7,820		Various		Various
Total	$	1,170,970	$	619,266

(1) Comprised of various immaterial loans held by Curaleaf International.
(2) In October 2025, the total borrowing capacity under the Needham LOC was increased from $40.0 million to $100.0 million; see section herein titled "Needham Bank" for additional information.
(3) The Company has a seller note payable incurred in connection with the Company’s purchase of a building in Scottsdale, Arizona (the “Scottsdale Note”).
(4) Compounded semi-annually and payable in arrears on June 15th and December 15th of each year.
(5) Compounded monthly and computed daily on the basis of a 360-day year for the actual number of days elapsed for a period of time. Interest and principal payments are payable in arrears and due on the 17th of each month.
(6) Calculated on the basis of a 360-day year. Interest is due on the 6th of each month.
(7) Calculated on the basis of a 360-day year for the actual number of days elapsed for any period of time. Interest is due on the 25th of each month.
(8) Compounded monthly and computed daily on the basis of a 360-day year for the actual number of days elapsed for a period of time. Interest and principal payments are payable in arrears and due on the 23rd of each month.
(9) In February 2026, the Company closed on a private placement of senior secured notes for aggregate gross proceeds of $500.0 million due February 18, 2029. Net proceeds were used to fully repay the Senior Secured Notes – 2026.
(10) In conjunction with the origination of the Senior Secured Notes – 2029, the maturity date of the Amended Needham LOC was extended to February 18, 2029, and the interest rate was amended to 8.99% in accordance with the terms of the Amended and Restated Needham Loan Agreement.
(11) The weighted-average interest rate aligns with the stated interest rates of all credit facilities, except for the miscellaneous category, the impact of which is immaterial.

The Company's interest expense by credit facility for the three and six months ended June 30, 2026 was as follows:


		Three months ended June 30, 2026						Six months ended June 30, 2026
Credit facility	Effective interest rate	Stated interest expense		Amortization of debt discount/premium and deferred financing fees		Total interest expense (1)		Stated interest expense		Amortization of debt discount/premium and deferred financing fees		Total interest expense (1)
Senior Secured Notes – 2029	12.16%	$	14,336	$	602	$	14,938	$	20,795	$	849	$	21,644
Senior Secured Notes – 2027	10.69%	1,187		113		1,300		2,525		194		2,719
Senior Secured Notes – 2026	9.30%	—		—		—		4,906		717		5,623
Amended Needham LOC	8.99%	766		192		958		1,034		752		1,786
ABL Facility - EWB Note	6.00%	182		—		182		362		—		362
Seller notes payable - Scottsdale Note	5.00%	50		—		50		101		—		101
Other notes payable - miscellaneous	various	63		—		63		102		—		102
		$	16,584	$	907	$	17,491	$	29,825	$	2,512	$	32,337

(1) Total interest expense herein does not encompass interest expense recognized on the Company’s deferred consideration obligations. For the three and six months ended June 30, 2026, the Company recognized interest expense of $0.2 million and $0.3 million, respectively, on its deferred consideration obligations. See Note 4 — Acquisitions for additional information.

The Company's interest expense by credit facility for the three and six months ended June 30, 2025 was as follows:


			Three months ended June 30, 2025						Six months ended June 30, 2025
	Effective interest rate		Stated interest expense		Amortization of debt discount/premium and deferred financing fees		Total interest expense (1)		Stated interest expense		Amortization of debt discount/premium and deferred financing fees		Total interest expense (1)
Senior Secured Notes – 2026	9.30	%	$	9,175	$	1,327	$	10,502	$	18,249	$	2,442	$	20,691
Senior Secured Notes – 2027	10.69	%	1,904		94		1,998		3,128		146		3,274
Bloom Notes – 2025	10.36	%	—		—		—		127		200		327
Bloom Notes – 2024	10.00	%	—		—		—		78		—		78
Needham LOC	7.99	%	274		227		501		631		571		1,202
ABL Facility - EWB Note	6.00%		182		45		227		376		45		421
Other notes payable - BHH Note	15.00%		280		—		280		558		—		558
Seller notes payable - Scottsdale Note	5.00%		54		—		54		115		—		115
Other notes payable - miscellaneous	various		44		—		44		87		—		87
Other notes payable - VOWL Note	4.25%		19		—		19		47		—		47
Other notes payable - NGC Note	12.00	%	48		—		48		95		—		95
			$	11,980	$	1,693	$	13,673	$	23,491	$	3,404	$	26,895

(1) Total interest expense herein does not encompass interest expense recognized on the Company’s deferred consideration obligations. For the three and six months ended June 30, 2025, the Company recognized interest expense of $1.0 million and $1.9 million, respectively, on its deferred consideration obligations. See Note 4 — Acquisitions for additional information.

As of June 30, 2026, maturities of the Company's notes payable were as follows:


Fiscal year:	Amount
2026 (six months remaining)	$	28,739
2027	30,996
2028	1,419
2029	553,317
2030 and thereafter	4,795
Total future principal maturities	$	619,266

As of June 30, 2026 and December 31, 2025, the carrying values and fair values of the Company's notes payable were as follows:


	As of
	June 30, 2026		December 31, 2025

Carrying Value	$	619,266	$	554,723
Fair Value	638,655		546,068

The Senior Secured Notes – 2029, inclusive of accrued and unpaid interest, may be redeemed early, subject to a prepayment premium as follows:


Loan year			Prepayment redemption prices

August 18, 2027 to February 17, 2028			105.8%
February 17, 2028 and thereafter			100.0%