v3.26.1
DEBT, NET (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Our debt, net is summarized as follows:
Outstanding Borrowings
Stated Interest RateMaturity DateJune 30, 2026December 31, 2025
Loans payable
DRP DB Term Loan (2)
8.50%11/30/26$110,943 $105,828 
DRP Letter of Credit
Base Rate + 4.00% (Term SOFR)
7/7/263,308 — 
Bridge Loan Credit Agreement (1)
(i) Base Rate + 3.00%; or
(ii) Base Rate + 4.00% (Adjusted Term SOFR)
8/24/26— 1,227,294 
Term Loan Credit Agreement (1) (4)
9.75%2/1/281,403,687 — 
EB-5 Loan Agreement (2)
5.75%
(i) 1/25/27
(ii) 3/11/27
(iii) 11/16/27
63,800 63,800 
Jefferson Credit Agreement June 2025
(i) Base Rate + 3.00%; or
(ii) Base Rate + 4.00% (Term SOFR)
8/31/26— 30,000 
RailCo Revolver
(i) Base Rate + 2.00%; or
(ii) Base Rate + 3.00% (Term SOFR)
11/17/2850,000 50,000 
Long Ridge Acquiom Loan (5)
15.75%5/31/27— 22,371 
Long Ridge GCM Note (5)
12.00%2/26/28— 20,000 
Long Ridge CanAm Loan (5)
6.75%9/13/29— 115,200 
Long Ridge Credit Agreement (5)
(i) Base Rate + 3.50%; or
(ii) Base Rate + 4.50% (Term SOFR)
2/19/32— 397,000 
Total loans payable1,631,738 2,031,493 
Bonds payable
Series 2020 Bonds (1)
(i) Tax Exempt Series 2020A Bonds: 3.625%
(ii) Tax Exempt Series 2020A Bonds: 4.00%
(i) 1/1/35
(ii) 1/1/50
139,257 140,753 
Series 2021 Bonds (1)
(i) Tax Exempt Series 2021A Bonds: 1.875% to 3.00%
(ii) Taxable Series 2021B Bonds: 4.10%
(i) 1/1/26 to 1/1/50
(ii) 1/1/28
339,850 348,240 
Series 2024 Bonds (1) (3)
(i) Tax Exempt Series 2024A Bonds: 5.000% to 5.250%
(ii) Taxable Series 2024B Bonds: 10.000%
(i) 1/1/39 to 1/1/54
(ii) 7/1/26
379,585 378,458 
Series 2025 Bonds (1)
(i) Tax Exempt Series 2025 Bonds: 6.375%
(ii) Tax Exempt Series 2025 Bonds: 6.625%
(i) 1/1/35
(ii) 1/1/45
297,163 297,087 
Senior Notes due 2032 (5)
8.75%2/15/32— 600,000 
Total bonds payable1,155,855 1,764,538 
Total debt
2,787,593 3,796,031 
Less: Debt issuance costs(23,876)(21,858)
Total debt, net$2,763,717 $3,774,173 
Principal debt due within one year
$477,727 $66,987 
Less: Debt issuance costs(959)(1,549)
Total principal debt, net due within one year
$476,768 $65,438 
________________________________________________________
(1) Includes an unamortized discount of $45,331 and $36,313 at June 30, 2026 and December 31, 2025, respectively.
(2) See discussion in Note 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for extension options related to these debt obligations.
(3) See below discussion in Note 7 for details related to the Jefferson Bridge Loan Credit Agreement for the Jefferson Taxable Series 2024B Bonds.
(4) Per a mandatory prepayment clause in our Term Loan Credit Agreement, we are required to use the net proceeds from the sale of Long Ridge Energy & Power LLC to pay down a portion of the Term Loan. As such, we have classified an estimate of the portion of the Term Loan that will be paid upon completion of the sale as short-term and have accrued for a portion of the incremental payment required at the time of the settlement under the multiple-on-invested-capital (“MOIC”) provision as of June 30, 2026.
(5) As of June 30, 2026, these debt instruments were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).