XML 26 R14.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
DEBT, NET
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT, NET
7. DEBT, NET
Our debt, net is summarized as follows:
Outstanding Borrowings
Stated Interest RateMaturity DateMarch 31, 2024December 31, 2023
Loans payable
DRP Revolver (1)
(i) Base Rate + 2.75%; or
(ii) Base Rate + 3.75% (Term Secured Overnight Financing Rate (“SOFR”))
11/5/26$44,250 $44,250 
EB-5 Loan Agreement5.75%(i) 1/25/26
(ii) 11/26/27		63,800 63,800 
Total loans payable108,050 108,050 
Bonds payable
Series 2020 Bonds
(i) Tax Exempt Series 2020A Bonds: 3.625%
(ii) Tax Exempt Series 2020A Bonds: 4.00%
(iii) Taxable Series 2020B Bonds: 6.00%
(i) 1/1/35
(ii) 1/1/50
(iii) 1/1/25
263,980 263,980 
Series 2021 Bonds
(i) Series 2021A Bonds: 1.875% to 3.000%
(ii) Series 2021B Bonds: 4.100%
(i) 1/1/26 to 1/1/50
(ii) 1/1/28
425,000 425,000 
Senior Notes due 2027 (2)
10.500%6/1/27576,607 575,181 
Total bonds payable1,265,587 1,264,161 
Total debt
1,373,637 1,372,211 
Less: Debt issuance costs(29,448)(31,301)
Total debt, net$1,344,189 $1,340,910 
Total debt due within one year$79,060 $— 
________________________________________________________
(1) Requires a quarterly commitment fee at a rate of 1.000% on the average daily unused portion, as well as customary letter of credit fees and agency fees.
(2) Includes an unamortized discount of $23,393 and $24,819 at March 31, 2024 and December 31, 2023, respectively.
We were in compliance with all debt covenants as of March 31, 2024.