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v3.25.4

Notes Payable and Other Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Notes Payable and Long-term Debt | As of December 31, 2025 and 2024, Notes payable and other debt consisted of the following (in thousands):
|  |  |  |  |  | Principal Outstanding
Debt |  | Interest Rate (%) |  | Maturity Date |  | December 31, 2025 |  | December 31, 2024
Secured: |  |  |  |  |  |  |  |
Photovoltaic Financing |  | (1) |  | (1) |  | 4,838 |  |  | 3,932 |
Manoa Marketplace |  | (2) |  | 2029 |  | 48,989 |  |  | 50,877 |
Subtotal |  |  |  |  |  | $ | 53,827 |  |  | $ | 54,809 |
Unsecured: |  |  |  |  |  |  |  |
Series J Note |  | 4.66% |  | 2025 |  | — |  |  | 10,000 |
Series B Note |  | 5.55% |  | 2026 |  | 2,000 |  |  | 18,000 |
Series C Note |  | 5.56% |  | 2026 |  | 4,000 |  |  | 7,000 |
Series F Note |  | 4.35% |  | 2026 |  | 4,000 |  |  | 7,250 |
Series H Note |  | 4.04% |  | 2026 |  | 50,000 |  |  | 50,000 |
Series K Note |  | 4.81% |  | 2027 |  | 34,500 |  |  | 34,500 |
Series G Note |  | 3.88% |  | 2027 |  | 9,625 |  |  | 15,625 |
Series L Note |  | 4.89% |  | 2028 |  | 18,000 |  |  | 18,000 |
Series I Note |  | 4.16% |  | 2028 |  | 25,000 |  |  | 25,000 |
Term Loan 5 |  | 4.30% |  | 2029 |  | 25,000 |  |  | 25,000 |
Syndicated Term Loan |  | (3) |  | 2030 |  | 200,000 |  |  | — |
Series M Note |  | 6.09% |  | 2032 |  | 60,000 |  |  | 60,000 |
Subtotal |  |  |  |  |  | $ | 432,125 |  |  | $ | 270,375 |
Revolving Credit Facility: |  |  |  |  |  |  |  |
A&B Revolver |  | (4) |  | 2028 | (5) | 8,000 |  |  | 150,000 |
Subtotal |  |  |  |  |  | $ | 8,000 |  |  | $ | 150,000 |
Total debt (contractual) |  |  |  |  |  | $ | 493,952 |  |  | $ | 475,184 |
Unamortized debt premium (discount) |  |  |  |  |  | (1,917) |  |  | — |
Unamortized debt issuance costs |  |  |  |  |  | (450) |  |  | (347) |
Total debt (carrying value) |  |  |  |  |  | $ | 491,585 |  |  | $ | 474,837 |
(1) Financing leases have a weighted average discount rate of 4.76% and maturity dates ranging from 2027 to 2030
(2) Loan has a stated interest rate of SOFR plus 1.35%. Loan is swapped through maturity to a 3.14% fixed rate.
(3) Loan has a stated interest rate of SOFR plus 1.15% based on a pricing grid. Loan is swapped through maturity to a 4.69% weighted-average fixed rate.
(4) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid.
(5) A&B Revolver has two six-month optional term extensions.
Schedule of Debt Principal Payments | At December 31, 2025, debt principal payments and maturities during the next five years and thereafter and the corresponding amount of unamortized deferred financing costs or debt discounts or premiums were as follows (in thousands):
|  | Scheduled Principal Payments
|  | Secured debt |  | Unsecured debt |  | Revolving credit facility |  | Total Notes payable and other debt
2026 |  | $ | 2,336 |  |  | $ | 67,000 |  |  | $ | — |  |  | $ | 69,336 |
2027 |  | 4,030 |  |  | 37,125 |  |  | — |  |  | 41,155 |
2028 |  | 3,374 |  |  | 43,000 |  |  | 8,000 |  |  | 54,374 |
2029 |  | 43,133 |  |  | 25,000 |  |  | — |  |  | 68,133 |
2030 |  | 954 |  |  | 200,000 |  |  | — |  |  | 200,954 |
Thereafter |  | — |  |  | 60,000 |  |  | — |  |  | 60,000 |
Total Principal |  | $ | 53,827 |  |  | $ | 432,125 |  |  | $ | 8,000 |  |  | $ | 493,952 |
(Unamortized Debt Issue Cost)/ (Discount) Premium |  | (74) |  |  | (2,293) |  |  | — |  |  | (2,367) |
Total |  | $ | 53,753 |  |  | $ | 429,832 |  |  | $ | 8,000 |  |  | $ | 491,585 |

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