LONG-TERM DEBT

12 Months Ended

Dec. 31, 2025

As of December 31, 2025 and 2024, long-term debt outstanding was:


	Series	Interest Rate	Maturity	2025		2024
California Water Service Group Senior Notes (a)	A	4.87%	2032	$	70,000	$	—
	B	5.22%	2035	100,000		—
Total Senior Notes				170,000		—
First Mortgage Bonds	1	3.02%	2061	150,000		150,000
	2	5.22%	2054	125,000		125,000
	3	5.64%	2055	200,000		—
	AAA	7.28%	2025	—		20,000
	BBB	6.77%	2028	20,000		20,000
	CCC	8.15%	2030	20,000		20,000
	DDD	7.13%	2031	20,000		20,000
	EEE	7.11%	2032	20,000		20,000
	OOO	6.02%	2031	20,000		20,000
	PPP	5.50%	2040	100,000		100,000
	QQQ	3.33%	2025	—		50,000
	RRR	4.31%	2045	50,000		50,000
	SSS	4.41%	2046	40,000		40,000
	TTT	4.61%	2056	10,000		10,000
	VVV	3.40%	2029	100,000		100,000
	WWW	4.07%	2049	100,000		100,000
	YYY	4.17%	2059	200,000		200,000
	ZZZ	2.87%	2051	130,000		130,000
Total First Mortgage Bonds				1,305,000		1,175,000
California Department of Water Resources Loans		1.30% - 1.69%	2027 - 2039	3,546		3,872
Other long-term debt				2,031		2,933
Unamortized debt issuance costs				(6,339)		(4,812)
Total long-term debt, net of unamortized debt issuance costs				1,474,238		1,176,993
Less current maturities of long-term debt, net				2,270		72,422
Long-term debt, net				$	1,471,968	$	1,104,571

_______________________________________________________________________________

(a) Senior notes held by institutional investors are unsecured obligations.

Maturities of long-term debt as of December 31, 2025 are as follows:


Year Ending December 31,	Long-term debt*
2026	$	357
2027	333
2028	20,318
2029	100,297
2030	20,236
Thereafter	1,337,124

_______________________________________________________________________________

* Excludes maturities for finance lease obligations. See Note 15 of the Notes to Consolidated Financial Statements for maturities for finance lease obligations.

On October 1, 2025, the Company completed the sale and issuance of (i) $70.0 million principal amount of 4.87% Senior Unsecured Notes, Series A, due October 1, 2032 (2032 Notes) and (ii) $100.0 million principal amount of 5.22% Senior Unsecured Notes, Series B, due October 1, 2035 (2035 Notes). Also on October 1, 2025, Cal Water completed the sale and issuance of $200.0 million principal amount of 5.64% First Mortgage Bonds, Series 3, due October 1, 2055 (2055 Bonds).

Interest on the 2032 Notes and the 2035 Notes will accrue semi-annually and be payable in arrears on April 1 and October 1 of each year, commencing on April 1, 2026. The 2032 Notes and the 2035 Notes rank equally with the Company facility.

Interest on the 2055 Bonds will accrue semi-annually and be payable in arrears on April 1 and October 1 of each year, commencing on April 1, 2026. The 2055 Bonds rank equally with all of Cal Water’s other First Mortgage Bonds and are secured by liens on its properties, subject to certain exceptions and permitted liens.

The Company and Cal Water used the net proceeds from the sale of the 2032 Notes, the 2035 Notes, and the 2055 Bonds to refinance existing indebtedness, to fund capital expenditures, and for general corporate purposes. The 2032 Notes, the 2035 Notes, and the 2055 Bonds are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

On October 22, 2024, Cal Water completed the sale and issuance of $125.0 million in First Mortgage Bonds (the Bonds) in a private placement. The Bonds, relating to Series 2, bear an interest rate of 5.22% per annum payable quarterly, and mature on October 22, 2054. The Bonds rank equally with all of Cal Water’s other First Mortgage Bonds and are secured by liens on Cal Water’s properties, subject to certain exceptions and permitted liens. Cal Water used the net proceeds from the sale of the Bonds to refinance existing indebtedness, to fund capital expenditures, and for general corporate purposes. The Bonds were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

On October 4, 2011, Cal Water entered into a finance lease arrangement with the City of Hawthorne to operate the City’s water system for a 15-year period. The $0.7 million and $1.6 million finance lease liability as of December 31, 2025 and 2024, respectively, is included in other long-term debt and current maturities set forth above.