v3.26.1
Notes Payable & Repurchase Agreement
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Notes Payable

5. NOTES PAYABLE & REPURCHASE AGREEMENT

The Company's outstanding debt obligations as of June 30, 2026 were as follows:

 

 

Aggregate Principal Committed

 

 

Outstanding Principal

 

 

Unused Portion

 

 

Carrying Value

 

 

Fair Value(1)

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory Notes

$

971

 

$

971

 

$

1,942

 

 

$

971

 

$

971

 

$

1,942

 

 

$

-

 

$

-

 

$

-

 

 

$

971

 

$

971

 

$

1,942

 

 

$

971

 

$

971

 

$

1,942

 

ACMP Holdings, LLC Facility

 

23,862

 

 

76,138

 

 

100,000

 

 

 

-

 

 

-

 

 

-

 

 

 

23,862

 

 

76,138

 

 

100,000

 

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

Total

$

24,833

 

$

77,109

 

$

101,942

 

 

$

971

 

$

971

 

$

1,942

 

 

$

23,862

 

$

76,138

 

$

100,000

 

 

$

971

 

$

971

 

$

1,942

 

 

$

971

 

$

971

 

$

1,942

 

 

(1)
The carrying amount outstanding under these debt obligations approximate their fair value as of June 30, 2026.

 

The Company's outstanding debt obligations as of December 31, 2025 were as follows:

 

 

Aggregate Principal Committed

 

 

Outstanding Principal

 

 

Unused Portion

 

 

Carrying Value

 

 

Fair Value(1)

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

Series I

 

Series II

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory Notes

$

971

 

$

971

 

$

1,942

 

 

$

971

 

$

971

 

$

1,942

 

 

$

-

 

$

-

 

$

-

 

 

$

971

 

$

971

 

$

1,942

 

 

$

971

 

$

971

 

$

1,942

 

ACMP Holdings, LLC Facility

 

23,862

 

 

76,138

 

 

100,000

 

 

 

-

 

 

-

 

 

-

 

 

 

23,862

 

 

76,138

 

 

100,000

 

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

REIT Funding Cumulative Preferred Shares

 

24

 

 

100

 

 

124

 

 

 

24

 

 

100

 

 

124

 

 

 

-

 

 

-

 

 

-

 

 

 

24

 

 

100

 

 

124

 

 

 

24

 

 

100

 

 

124

 

Total

$

24,857

 

$

77,209

 

$

102,066

 

 

$

995

 

$

1,071

 

$

2,066

 

 

$

23,862

 

$

76,138

 

$

100,000

 

 

$

995

 

$

1,071

 

$

2,066

 

 

$

995

 

$

1,071

 

$

2,066

 

 

 

(1) The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2025.

Promissory Notes

The below table reflects the maturity and fair value of our Promissory Notes as of June 30, 2026.

 

 

Fair Value

 

Legal Maturity

Series I

 

Series II

 

Total

 

6/28/2054

$

536

 

$

536

 

$

1,072

 

11/1/2054

 

215

 

 

215

 

 

430

 

10/30/2055

 

220

 

 

220

 

 

440

 

 

$

971

 

$

971

 

$

1,942

 

 

The below table reflects the maturity and fair value of our Promissory Notes as of December 31, 2025.

 

 

Fair Value

 

Legal Maturity

Series I

 

Series II

 

Total

 

6/28/2054

$

536

 

$

536

 

$

1,072

 

11/1/2054

 

215

 

 

215

 

 

430

 

10/30/2055

 

220

 

 

220

 

 

440

 

 

$

971

 

$

971

 

$

1,942

 

 

The Promissory Notes are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4% per annum, payable semi-annually in arrears. However, the Company intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations.

 

Repurchase Agreement

The below table reflects the characteristics of our Repurchase Agreement as of June 30, 2026.

 

 

 

 

 

 

Aggregate Principal Committed

 

Outstanding Principal

 

Unused Portion

 

Carrying Value

 

 

 

 

 

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

 

Counterparty

Interest Rate

Maturity Date

Collateral Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreement

Bank of America, N.A.

SOFR+130

9/29/2026

Real Estate (Residential Mortgage Loans)

$

67,837

 

$

282,163

 

$

350,000

 

$

23,545

 

$

123,004

 

$

146,549

 

$

44,292

 

$

159,159

 

$

203,451

 

$

23,545

 

$

123,004

 

$

146,549

 

 

 

 

 

Total

$

67,837

 

$

282,163

 

$

350,000

 

$

23,545

 

$

123,004

 

$

146,549

 

$

44,292

 

$

159,159

 

$

203,451

 

$

23,545

 

$

123,004

 

$

146,549

 

 

 

The below table reflects the characteristics of our Repurchase Agreement as of December 31, 2025.

 

 

 

 

 

 

Aggregate Principal Committed

 

Outstanding Principal

 

Unused Portion

 

Carrying Value

 

 

 

 

 

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

 

Counterparty

Interest Rate

Maturity Date

Collateral Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreement

Bank of America, N.A.

SOFR+130

9/29/2026

Real Estate (Residential Mortgage Loans)

$

67,837

 

$

282,163

 

$

350,000

 

$

33,228

 

$

138,210

 

$

171,438

 

$

34,609

 

$

143,954

 

$

178,562

 

$

33,228

 

$

138,210

 

$

171,438

 

 

 

 

 

Total

$

67,837

 

$

282,163

 

$

350,000

 

$

33,228

 

$

138,210

 

$

171,438

 

$

34,609

 

$

143,954

 

$

178,562

 

$

33,228

 

$

138,210

 

$

171,438

 

 

 

ACMP Holdings, LLC Facility

The ACMP Holdings, LLC Facility is an uncommitted revolving credit facility which is reported at amortized cost and reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. This facility pays interest on the principal balance at SOFR + 300 bps payable on a monthly basis. The legal maturity date of this facility is February 22, 2027.

 

REIT Funding Cumulative Preferred Shares

 

On January 27, 2025, a wholly owned subsidiary of the Company issued cumulative preferred shares which are reported at amortized cost and reflected within notes payable on the Company's Consolidated Statement of Assets and Liabilities. Interest is payable at 12.0% per annum, payable semi-annually in arrears. On June 5th, 2026, the Company elected to redeem such cumulative preferred shares at a redemption premium plus accrued and unpaid dividends through the redemption date. Upon payment of the redemption price, each redeemed share was canceled and is no longer outstanding, and dividends on such shares no longer will accrue as of the redemption date.