A debt schedule is a table that lists every debt a borrower owes, one row per obligation, with the lender, current balance, interest rate, payment and maturity date, so that total debt and the timing of repayment can be read in one place. Banks ask small businesses for one when they apply for credit, and for a commercial real estate owner it is the register behind every refinancing plan, lender request and board report. Most owners have one. The harder part is keeping it in agreement with the servicer on the day someone asks for it.
What a debt schedule means for any borrower
A business applying for a bank or SBA loan lists its existing obligations (term loans, credit lines, equipment finance) so the lender can see whether a new payment fits. The SBA’s version for disaster business loans is SBA Form 2202, the Schedule of Liabilities, which supplements the balance sheet and should balance to the liabilities shown on it.
In financial statements, the debt schedule is the note behind the balance sheet. SEC Regulation S-X asks registrants to state each type of long-term debt with its interest rate and maturity date, and US GAAP (ASC 470-10-50-1) requires aggregate maturities of long-term borrowings for each of the five years after the balance sheet date, principal only per AICPA guidance. In a financial model, it is the tab that rolls each balance forward and feeds interest into the cash flow.
A real estate owner needs all three views at once. The difference from a small business is complexity: one property can carry a senior loan, a supplemental and a mezzanine loan, each with its own rate mechanics, hedge, prepayment convention and extension options.
The columns a CRE debt schedule needs
Per loan, a CRE debt schedule carries these fields:
| Column group | Fields | Why it matters |
|---|---|---|
| Identity | Property, borrower entity, ownership share, lender, servicer, loan number | Ties the loan to the entity that owes it and the party that reports it |
| Size | Original amount, current balance, balance as-of date, unfunded commitment | The balance moves every month; without a date it is a guess |
| Pricing | Fixed or floating, note rate or index plus spread, floor, hedge and strike | Floating loans need the all-in rate, not the spread alone |
| Payments | Amortization type, IO end date, monthly debt service | Debt service changes at IO expiry and at every floating reset |
| Dates | Initial maturity, extension options and conditions, prepayment open date | The ladder depends on which maturity you show |
| Terms | Prepayment convention, recourse, key covenant thresholds | Exit cost and risk sit here, not in the balance |
A maturity date without its extension terms, notice window and test is half a fact. See loan critical date tracking for every date a loan carries.
A sample real estate debt schedule
Illustrative example: a six-loan portfolio as of September 30, 2026, floating rates shown all-in at an assumed SOFR of 3.75%
| Property | Lender | Current balance | Rate | Type | Initial maturity | Extensions |
|---|---|---|---|---|---|---|
| Maple Court Apartments | Agency | $24,000,000 | 4.10% | Fixed | Jun 2029 | None |
| Harbor Point Industrial | Life company | $18,000,000 | 5.25% | Fixed | Mar 2031 | None |
| Riverside Office | Bank | $15,000,000 | 6.50% (SOFR + 2.75%) | Floating | Dec 2027 | One, 12 months |
| Oak Street Retail | CMBS | $12,000,000 | 4.60% | Fixed | Sep 2027 | None |
| Cedar Flats | Bridge | $21,000,000 | 7.00% (SOFR + 3.25%) | Floating | Apr 2028 | Two, 12 months each |
| Elm Plaza | Bank | $10,000,000 | 5.80% | Fixed | Jan 2030 | None |
| Total | $100,000,000 | 5.51% weighted | 36% floating |
The weighted rate is each balance times its rate, summed ($5,506,000 of annual interest), divided by the $100,000,000 total: 5.506%. The unweighted average of the six rates is 5.54%. See the weighted average interest rate for the method and its traps. Floating debt is Riverside plus Cedar Flats, $36,000,000.
The maturity ladder view
Grouped by year of maturity, the same rows become the maturity ladder, where every refinancing plan starts.
Illustrative example: maturity ladder for the six-loan portfolio, current balances
| Year | Initial maturity | Share | Fully extended | Share |
|---|---|---|---|---|
| 2027 | $27,000,000 (Oak Street, Riverside) | 27% | $12,000,000 (Oak Street) | 12% |
| 2028 | $21,000,000 (Cedar Flats) | 21% | $15,000,000 (Riverside) | 15% |
| 2029 | $24,000,000 (Maple Court) | 24% | $24,000,000 (Maple Court) | 24% |
| 2030 | $10,000,000 (Elm Plaza) | 10% | $31,000,000 (Elm Plaza, Cedar Flats) | 31% |
| 2031 | $18,000,000 (Harbor Point) | 18% | $18,000,000 (Harbor Point) | 18% |
| Total | $100,000,000 | 100% | $100,000,000 | 100% |
The fully extended column is a best case: bridge and bank extensions usually carry DSCR or debt yield tests, fees and notice windows, so show both columns. See bridge loan extension tests. A refinancing ladder should also show the balloon payment due at maturity, which on an amortizing loan is below today’s balance. The auditor’s five-year table differs again: it counts every principal payment by year, amortization included.
Read this ladder at initial maturity and 2027 holds 27% of the debt, all of it within 15 months of the as-of date. That is where the commercial real estate refinance work starts, and where the maturity wall refinancing playbook applies.
Debt schedule vs SREO
The two are built from the same loan data and answer different questions.
| Debt schedule | SREO | |
|---|---|---|
| One row per | Loan | Property |
| Audience | Owner’s team, auditors, investment committee | Lenders, agencies, credit committees |
| Center of gravity | Terms: rate mechanics, maturity, extensions, prepayment, hedges | Assets: value, NOI, occupancy, cash flow after debt service |
| Format | The owner’s own layout | Often the lender’s template; Fannie Mae’s multifamily SREO is Form 4526 |
| A property with two loans | Two rows | Usually one row, with total debt |
The debt schedule is the register; the SREO and the internal debt summary are reports rendered from it. Maintain the SREO as a separate spreadsheet and the two drift apart. See automating the SREO and debt summary for what each report contains.
Where debt schedules go wrong
- Stale balances. Taken from a servicer statement two months old, with no as-of date.
- Spread without index. “SOFR + 2.75%” and no all-in rate, so debt service cannot be read from the row. On agency floaters the loan re-amortizes at each reset, so scheduled principal, and the balance with it, changes too. See floating-rate re-amortization and SOFR tracking.
- Extended maturities without conditions. The fully extended date, with no note of the test required to get there.
- Missing layers. Supplementals, mezzanine loans and credit lines left off because they live elsewhere.
- Mixed ownership bases. Joint venture loans at full balance in one report and pro rata in another.
Each is a symptom of one problem: the schedule is a hand-maintained copy of the loan data, and a copy starts ageing the day it is made. The alternative is a single source of truth for CRE debt that the schedule reads from.
What to track
- Every loan, including subordinate debt, supplementals and credit lines, with ownership share.
- Current balance with its as-of date, reconciled to the servicer monthly.
- All-in rate for floaters on the reset date, with index, spread, floor and hedge shown separately.
- Initial and fully extended maturity, with the extension conditions and notice windows.
- Balloon at maturity for amortizing loans, alongside current balance.
- Portfolio totals: total debt, weighted average rate and remaining term, fixed versus floating net of hedges, maturities by year.
- A five-year principal table on the auditor’s basis for the financial statement note.
How this looks in LoanBoss
Every loan is abstracted from its documents by LoanBoss’s in-house team to 400+ fields, with two rounds of QA, so the schedule starts from the executed terms rather than a closing model. Balances, rates, DSCR and cash flows refresh automatically from abstracted loan data, accounting feeds and live rates, and agency floaters re-amortize each month on the floating reset. Critical dates, including extension notices and IO ending, are tracked, with notice reminders on extensions. Teams send the reports they already use, such as a debt summary, LoanBoss rebuilds them in the platform, and the SREO is generated in real time on agency templates and exportable.
Frequently Asked Questions
What is a debt schedule?
A table listing every debt a borrower owes, one row per obligation, with lender, balance, rate, payment and maturity. A real estate version adds extensions, hedges, prepayment terms and covenants, and rolls up to portfolio totals.
What is a debt maturity schedule?
The debt schedule grouped by the year each loan matures. For refinancing it should show balloon amounts and both initial and fully extended maturities.
How is a debt schedule different from an SREO?
The debt schedule has one row per loan and focuses on terms. The SREO has one row per property and focuses on value, income and cash flow for a lender’s credit review.
How often should a real estate debt schedule be updated?
Balances monthly against servicer statements, floating rates at every reset, and terms on every amendment.
Should the schedule show loans at 100% or at our ownership share?
Both, clearly labelled. Lenders usually want the full loan; fund reporting may want the pro rata share. See loan portfolio management for private equity real estate funds.
Key takeaways
- A real estate debt schedule adds extensions, hedges, prepayment terms and covenants to the basic lender, balance, rate, payment and maturity.
- Every balance needs an as-of date, and every floating loan needs its all-in rate.
- Show initial and fully extended maturities side by side, with balloon amounts alongside today’s balances.
- The GAAP five-year table counts all principal payments by year, so it differs from a refinancing ladder.
- The SREO and the debt schedule are different views of the same loan data and should never be maintained separately.
Related reading
- Portfolio cash flow projections and hold/sell scenarios
- The 400-field loan abstract
- Why Excel breaks for loan portfolios
- Maturity date and amortization in the glossary
Every row in the debt schedule is already in a document you signed. LoanBoss keeps the row and the document in agreement.
Sources
- FASB ASC 470-10-50-1, disclosure of long-term debt maturities, via Deloitte Accounting Research Tool, Roadmap: Debt, section 14.4 (2025)
- US Securities and Exchange Commission, Regulation S-X Rule 5-02, balance sheet disclosure of long-term debt (17 CFR 210.5-02)
- US Small Business Administration, SBA Form 2202, Schedule of Liabilities
- Fannie Mae Multifamily Guide, Part I, Section 306, Schedule of Real Estate Owned (Form 4526)