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Debt | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt Disclosure | . DEBT Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Secured Revolving Credit Facility | $ | — |  |  | $ | — |
Unsecured Revolving Credit Facility | — |  |  | — |
Debt issuance costs, net of amortization | (1,921) |  |  | (2,328) |
Total borrowings on lines of credit, net | $ | (1,921) |  |  | $ | (2,328) |
Secured Revolving Credit Facility The Company is party to a revolving credit facility (the “Secured Revolving Credit Facility”) with Inwood National Bank, which provides for an aggregate commitment amount of $35.0 million. The Secured Revolving Credit Facility matures on May 1, 2025 and it carries a minimum interest rate of 3.15%. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of June 30, 2024 there were no letters of credit outstanding under our Secured Revolving Credit Facility and the net available commitment amount was $35.0 million. Unsecured Revolving Credit Facility The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). On December 8, 2023, the Company entered into the Eleventh Amendment to this credit agreement which was amended to revise certain financial covenants in order to appropriately reflect the Company’s size and growth. The Eleventh Amendment also extends the maturity of $300.0 million of the commitments under the credit facility through December 14, 2026, with the remaining $25.0 million commitment expiring December 14, 2025. The Unsecured Revolving Credit Facility is guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Senior Unsecured Notes Senior unsecured notes, net of debt issuance costs, as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
4.00% senior unsecured notes due in 2026 (“2026 Notes”) | $ | 75,000 |  |  | $ | 75,000 |
3.35% senior unsecured notes due in 2027 (“2027 Notes”) | 37,500 |  |  | 37,500 |
3.25% senior unsecured notes due in 2028 (“2028 Notes”) | 100,000 |  |  | 125,000 |
3.25% senior unsecured notes due in 2029 (“2029 Notes”) | 100,000 |  |  | 100,000 |
Debt issuance costs, net of amortization | (1,102) |  |  | (1,293) |
Total senior unsecured notes, net | $ | 311,398 |  |  | $ | 336,207 |
The Senior Unsecured Notes are guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Optional prepayment of each of the Senior Unsecured Notes is allowed with a payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears. 2026 Notes Principal on the 2026 Notes is required to be paid in increments of $12.5 million on August 8, 2024 and $12.5 million on August 8, 2025. The final principal payment of $50.0 million is due on August 8, 2026. 2027 Notes The aggregate principal amount of the 2027 Notes is due on August 26, 2027. 2028 Notes Principal on the 2028 Notes is due in increments of $25.0 million annually on February 25 in each of 2025, 2026, 2027, and 2028. 2029 Notes Principal on the 2029 Notes of $30.0 million is due on December 28, 2028 and the remaining principal amount of $70.0 million is due on December 28, 2029. Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of June 30, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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