v3.26.3
LONG-TERM BORROWINGS
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
LONG-TERM BORROWINGS
NOTE 8. LONG-TERM BORROWINGS

Private Placement Notes

Private placement notes payable consisted of the following as of:
September 30,
2026		December 31,
2025		Stated Interest RateEffective Interest RateMaturity Date
(in thousands)
2030 Notes - Tranche One$140,000 $140,000 10.50%11.07%12/17/2030
2030 Notes - Tranche Two60,000 — 10.50%11.02%12/17/2030
Total private placement notes200,000 140,000 
Less: unamortized debt discount and issuance costs(3,992)(3,259)
Less: current portion of private placement notes— — 
Private placement notes, net$196,008 $136,741 

Notes Payable

Notes payable consisted of the following as of:
September 30,
2026		December 31,
2025		Stated Interest RateEffective Interest
Rate		Maturity Date
(in thousands)
Mortgage Notes Payable (1)
Note dated December 21, 2022 (2)(3)
$65,074 $66,536 
(2)
7.87%1/1/2028
Notes dated December 22, 2023
23,425 23,891 8.31%8.48%12/22/2028
Notes dated October 1, 2021
4,303 4,700 8.14%8.29%11/1/2027
Total mortgage notes payable92,802 95,127 
Promissory Notes Payable
Note acquired in Harvest Acquisition in October 2021963 988 7.50%7.50%10/24/2026
Total promissory notes payable963 988 
Total notes payable (4)
93,765 96,115 
Less: unamortized debt discount and issuance costs(872)(1,199)
Less: current portion of notes payable(4,239)(4,077)
Notes payable, net$88,654 $90,839 
(1) Underlying assets are pledged as collateral for the mortgage notes payable.
(2) The mortgage note payable interest rate is a variable rate equal to the CME Term Secured Overnight Financing Rate ("SOFR") plus 3.00%. In connection with the closing of this note, the Company entered into an interest rate swap to fix the interest rate at 7.53% for the term of the notes.
(3) On October 7, 2026, this mortgage note payable was repaid in full. See Note 15. Subsequent Events for additional information.
(4) Notes payable are subordinated to the private placement notes.
Construction Finance Liabilities

Total construction finance liabilities were $120.9 million and $136.2 million as of September 30, 2026 and December 31, 2025, respectively. The contractual terms range from 20.0 years to 25.0 years with a weighted average remaining lease term of 15.5 years.

Financial and Other Covenants

Certain long-term borrowing agreements contain various operating and financial covenants as disclosed in the 2025 Form 10-K. As of September 30, 2026, the Company was in compliance with all such operating and financial covenants.

Maturities

Stated maturities of the principal portion of private placement and notes payable outstanding and future minimum lease payments for the construction finance liabilities, including interest, as of September 30, 2026, for the period ending December 31, 2026, and for each of the next four years ending December 31, and thereafter are as follows:

Private Placement Notes
Notes Payable (1)
Construction Finance LiabilitiesTotal Maturities
Year(in thousands)
Remainder of 2026$— $1,727 $3,693 $5,420 
2027— 7,023 15,058 22,081 
2028— 85,015 15,474 100,489 
2029— — 15,902 15,902 
2030200,000 — 16,342 216,342 
Thereafter— — 241,316 241,316 
Total$200,000 $93,765 $307,785 $601,550 
(1) On October 7, 2026, the Company repaid approximately $65.1 million of its outstanding mortgage notes payable. See Note 15. Subsequent Events for additional information.