| SCHEDULE OF LOANS PAYABLE |
The
following is a summary of our loans payable as of September 30, 2026 and December 31, 2025 (in thousands):
SCHEDULE OF LOANS PAYABLE
| | |
| |
9/30/26 | | |
12/31/25 | |
| | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| | |
| |
| | |
| | |
| | |
| |
| Margin
loan | |
(1) | |
$ | -0- | | |
| N/A | | |
$ | 229 | | |
| 5.25 | % |
| Unsecured
line of credit | |
(2) | |
| 100,000 | | |
| 5.20 | % | |
| -0- | | |
| N/A | |
| Floorplan
inventory financing | |
(3) | |
| 7,564 | | |
| 7.20 | % | |
| 4,899 | | |
| 7.53 | % |
| FirstBank
rental home loan | |
(4) | |
| 22,781 | | |
| 6.15 | % | |
| 23,336 | | |
| 6.15 | % |
| FirstBank
rental home line of credit | |
(5) | |
| -0- | | |
| N/A | | |
| -0- | | |
| N/A | |
| Triad
rental home loan | |
(6) | |
| -0- | | |
| N/A | | |
| -0- | | |
| N/A | |
| OceanFirst
notes receivable financing | |
(7) | |
| -0- | | |
| N/A | | |
| -0- | | |
|
N/A | |
| Total
Loans Payable | |
| |
| 130,345 | | |
| 5.48 | % | |
| 28,464 | | |
| 6.38 | % |
| Unamortized
debt issuance costs | |
| |
| (1,962 | ) | |
| | | |
| (768 | ) | |
| | |
| Loans
Payable, net of unamortized | |
| |
| | | |
| | | |
| | | |
| | |
| debt
issuance costs | |
| |
$ | 128,383 | | |
| 5.57 | % | |
$ | 27,696 | | |
| 6.56 | % |
| | (1) | Collateralized
by the Company’s securities portfolio and is due on demand. The Company
must maintain a coverage ratio of approximately 2 times. |
| | | |
| | (2) | Represents
an unsecured revolving credit facility syndicated with three banks, BMO Capital Markets Corp.,
JPMorgan Chase Bank, N.A. and Wells Fargo, N.A. For information about this credit facility,
as it was amended as of May 7, 2026, see “Unsecured Line of Credit” below. |
| | | |
| | (3) | Represents
revolving credit agreements totaling $98.5 million with 21st Mortgage Corporation (“21st
Mortgage”), Customers Bank, Northpoint Commercial Finance and Triad Financial Services
(“Triad”) to finance inventory purchases. Interest rates on these
agreements range from zero percent for $1.0 million of the amount drawn down and prime minus
0.75% to SOFR plus 4% for the remaining interest-bearing portion of the amount drawn down.
Subsequent to quarter end, the Company paid off the interest-bearing portion of this balance. |
| | | |
| | (4) | Represents
a term loan secured by rental homes and rental home leases, with a fixed interest rate of
6.15% and a maturity date of May 10, 2028. |
| | | |
| | (5) | Represents
a $25 million revolving line of credit secured by rental homes and their leases of which
$11 million is secured by rental homes located within the OZ Fund’s communities with
$14 million having a maturity date of May 10, 2028 and $11 million having a maturity date
of November 7, 2026 with a one-year extension option, both with an interest rate of prime
less 0.50%. |
| | | |
| | (6) | Represents
a $30 million revolving line of credit secured by rental homes and rental home leases, with
an interest rate of prime plus 0.25%, with a minimum of 5%. |
| | | |
| | (7) | Represents
a $35 million revolving line of credit secured by eligible notes receivable, with an interest
rate of prime with a floor of 4.75%. |
|
| SCHEDULE OF MORTGAGES PAYABLE |
The
following is a summary of our mortgages payable as of September 30, 2026 and December 31, 2025 (in thousands):
SCHEDULE OF MORTGAGES PAYABLE
| | |
9/30/2026 | | |
12/31/2025 | |
| | |
Amount | | |
Weighted
Average Rate | | |
Amount | | |
Weighted
Average Rate | |
| | |
| | |
| | |
| | |
| |
| Fixed
rate mortgages | |
$ | 548,605 | | |
| 4.79 | % | |
$ | 562,095 | | |
| 4.73 | % |
| Unamortized
debt issuance costs | |
| (5,428 | ) | |
| | | |
| (5,966 | ) | |
| | |
| Mortgages
Payable, net of unamortized
debt issuance costs | |
$ | 543,177 | | |
| 4.84 | % | |
$ | 556,129 | | |
| 4.78 | % |
|