Notes Payable (Tables)

6 Months Ended

Jun. 30, 2026

Notes payable consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


Notes Payable	June 30, 2026		December 31, 2025		Weighted Average Interest Rate (1)		Maturity Date (1)
Corporate notes	$	25,518	$	28,698	10.98	%	January 2024 - March 2028
Convertible corporate notes	640		910		8.25	%	April 2024 - May 2025
Real estate loans	16,642		16,893		4.69	%	February 2027 - November 2029
Other loans	445		445		8.37	%	August 2026 - June 2027
Total notes payable	43,245		46,946
Deferred financing costs, net	(147)		(185)
Discount on corporate note	(297)		(414)
Total notes payable, net	$	42,801	$	46,347

__________________________________

(1) As of June 30, 2026.

Notes payable of the consolidated funds consisted of the following as of June 30, 2026 and December 31, 2025, respectively (in thousands):


Notes Payable	June 30, 2026		December 31, 2025		Interest Rate (1)	Maturity date (1)
Real Estate Loans
Commons Fundco, LLC	$	31,621	$	—	7.13%	September 2028
Riverwalk (2)	14,750		14,750		7.87%	September 2027
Southpointe Fundco, LLC	1,050		1,050		11.99%	September 2026
West Frontier Holdco, LLC	5,024		5,055		6.35%	February 2038
Total Real Estate Loans	52,445		20,855
Member notes	12,924		12,924		10.00%	September 2024 - September 2026

Total notes payable	65,369		33,779
Deferred financing costs, net	(1,404)		(174)
Real estate loan premium	2,382		—
Total notes payable, net	$	66,347	$	33,605

__________________________________

(1) As of June 30, 2026.

(2) Includes Riverwalk 1 HoldCo, LLC, Riverwalk 2 HoldCo, LLC, Riverwalk 3 HoldCo, LLC, Riverwalk 4 HoldCo, LLC, Riverwalk 5 HoldCo, LLC, Riverwalk 6 HoldCo, LLC, and Riverwalk 7 HoldCo, LLC.

Schedule of Maturities of Long-Term Debt

The following table summarizes the scheduled principal repayments of the Company’s indebtedness as of June 30, 2026 (in thousands):


Year	Amount
July 1, 2026 - December 31, 2026	$	21,574
2027	3,613
2028	3,366
2029	14,692
2030	—
Thereafter	—
Total	$	43,245

As of June 30, 2026, the future aggregate principal repayments due on the consolidated funds notes payable are as follows (in thousands):


Year	Amount
July 1, 2026 - December 31, 2026	$	18,003
2027	10,816
2028	31,690
2029	74
2030	79
Thereafter	4,707
Total	$	65,369

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details