Quarterly report [Sections 13 or 15(d)]

BORROWINGS (Tables)

v3.26.1
BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Borrowings
Our borrowings as of March 31, 2026, and December 31, 2025, are summarized below (dollars in thousands):
  Carrying Value as of As of March 31, 2026
March 31, 2026 December 31, 2025
Stated Interest
Rates(1)
(Range; Wtd Avg)
 Maturity Dates
(Range; Wtd Avg)
Variable-rate revolving lines of credit $ 16,700  $ 200  5.67% 12/15/2033
Notes and bonds payable:
Fixed-rate notes payable $ 447,141  $ 453,040 
2.45%–6.97%; 3.70%
 10/17/2026–7/1/2051; Dec 2032
Fixed-rate bonds payable 22,189  22,312 
3.13%–4.57%; 3.57%
 3/13/2028–12/30/2030; March 2029
Total notes and bonds payable 469,330  475,352 
Debt issuance costs – notes and bonds payable (1,808) (1,917) N/A N/A
Notes and bonds payable, net $ 467,522  $ 473,435 
Total borrowings, net $ 484,222  $ 473,635 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2026 (dollars in thousands, except for footnotes):
Issuance Aggregate
Commitment		 Maturity
Dates		 Principal
Outstanding		   Interest Rate Terms  
Undrawn
Commitment(1)
MetLife Lines of Credit $ 75,000  12/15/2033 $ 16,700 
3M Term SOFR + 2.00%
(2)
 $ 58,300 
2020 MetLife Term Note 75,000 
(3)
 1/5/2030 34,996 
2.75%, fixed through 1/4/2030
(4)
 40,004 
2022 MetLife Term Note 100,000 
(3)
 1/5/2032 —  (4)

100,000 
Totals $ 250,000  $ 51,696  $ 198,304 
(1)Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2026, the maximum additional amount we could draw under the facility was approximately $61.0 million.
(2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit).
(3)If the aggregate commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2026, MetLife has no obligation to disburse the additional funds under either note.
(4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2026, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).
The following table provides certain information about interest patronage related to interest accrued on the Farm Credit Notes Payable during the three months ended March 31, 2025 and 2024 (dollars in thousands):
Amount
Received
Reduction in Interest Rates
(basis points)(1)
2025 Interest Patronage(2)
$ 1,403  95
2024 Interest Patronage(3)
1,819  101
(1)Presented as a reduction in the stated interest rates on such borrowings, shown on a weighted-average basis.
(2)Relates to interest accrued on the Farm Credit Notes Payable during calendar year 2025. The full amount was recorded in the first quarter of 2026.
(3)Relates to interest accrued on the Farm Credit Notes Payable during calendar year 2024. Of this amount, approximately $0.1 million was recorded in the third quarter of 2024, and approximately $1.7 million was recorded in the first quarter of 2025.
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2026, for the succeeding years are as follows (dollars in thousands):
Period Scheduled Principal Payments
For the remaining nine months ending December 31: 2026 $ 11,178 
For the fiscal years ending December 31: 2027 50,330 
2028 76,678 
2029 152,092 
2030 93,729 
Thereafter 85,323 
$ 469,330 
Schedule of Borrowings by Type
We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2026, and December 31, 2025 (dollars in thousands):
Period Number of Instruments Aggregate Notional Amount
As of March 31, 2026 4 $ 63,484 
As of December 31, 2025 4 63,904 
The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative Type Balance Sheet Location March 31, 2026 December 31, 2025
Derivatives Designated as Hedging Instruments:
Interest rate swaps Other assets, net $ 4,974  $ 4,896 
Total $ 4,974  $ 4,896 
The following table presents the amount of income (loss) recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 (dollars in thousands):
For the Three Months Ended March 31,
2026 2025
Derivative in cash flow hedging relationship:
Interest rate swaps $ 78  $ (1,318)
Total $ 78  $ (1,318)