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Bank and Other Notes Payable
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Bank and Other Notes Payable Bank and Other Notes Payable:
Bank and other notes payable consist of the following:
Credit Facility:
The Company has a $525,000 revolving loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The credit facility previously bore interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. On March 22, 2023, the Company executed the one-year extension option to April 14, 2024. Additionally, effective March 13, 2023, the credit facility converted from LIBOR to 1-month Term SOFR with an applicable benchmark replacement increase adjustment of 0.11448%. As of June 30, 2023, the borrowing rate was SOFR plus a spread of 2.36%. As of June 30, 2023, borrowings under the facility were $130,000, less unamortized deferred finance costs of $5,714, for the revolving loan facility at a total interest rate of 9.07%. As of June 30, 2023, the Company's availability under the revolving loan facility for additional borrowings was $394,787. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at June 30, 2023 was $130,005 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
As of June 30, 2023 and December 31, 2022, the Company was in compliance with all applicable financial loan covenants.