Senior notes. The carrying values of our senior notes as of June 30, 2026 and December 31, 2025, net of any unamortized debt issuance costs or discount, were as follows:


	June 30, 2026		December 31, 2025

	(Dollars in thousands)
3.850% Senior Notes due January 2030, net	$	298,904	$	298,758
2.500% Senior Notes due January 2031, net	348,479		348,321
6.000% Senior Notes due January 2043, net	491,994		491,858
3.966% Senior Notes due August 2061, net	346,253		346,229
Total	$	1,485,630	$	1,485,166

Our senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of our homebuilding segment subsidiaries (including newly added subsidiaries of Woodside, Chesmar and Holt in March 2026), with the termination date of the guarantees being upon the maturity of the senior notes. The guarantors would be required to perform upon instances of default. We believe that we are in compliance with the representations, warranties and covenants in the senior note indentures.

Notes payable, net. Woodside had a term debt agreement ("Woodside Note") with Sumitomo Mitsui Banking Corporation ("SMBC") for $330.0 million at an interest rate of 2.09%. The Woodside Note was guaranteed by Sekisui House, Ltd. ("SHL"). The Woodside Note was transferred to the Parent effective October 28, 2025, with no continuing obligations existing for either Woodside or SHUS.

Chesmar had a term debt agreement ("Chesmar Note") with SMBC for $100 million at an interest rate of 3.47%. The Chesmar Note was guaranteed by SHL. Outstanding principal and interest of the Chesmar Note was paid in full on July 29, 2025.

Holt had a term debt agreement ("Holt Note") with Mizuho Bank, Ltd. for $100 million at an interest rate of 2.427%. The Holt Note was guaranteed by SHL. The Holt Note was transferred to the Parent effective October 28, 2025, with no continuing obligations existing for either Holt or SHUS.

The Company had a promissory note with Surland Companies, LLC for $31.0 million with no interest until the maturity date on December 31, 2025. This promissory note was in connection with a land purchase and related deferred purchase price. Effective December 31, 2025 the Company paid the $31.0 million due under the promissory note with Surland Companies, LLC.

Holt has a promissory note with GME Development, LLC for $3.0 million at an interest rate of 2.08%, with outstanding principal and interest due and payable upon maturity on December 31, 2026. This promissory note is in connection with a land purchase and phased takedown. Outstanding principal and interest was $3.0 million as of December 31, 2025.

Related party note. In June 2023, Woodside borrowed $99.9 million from the Parent under the terms of an unsecured intercompany loan agreement. The unpaid principal amount of the loan bore interest at a rate of 6.21% per annum, payable semi-annually. Outstanding principal and interest are due and payable upon maturity on June 7, 2030. The $99.9 million related party note was transferred to the Parent effective October 28, 2025, with no continuing obligations existing for either Woodside or SHUS.