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Debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consists of the following (in thousands):
|  |  |  |  |  |  |  | Amounts Outstanding as of
|  | Contractual Maturity Date |  | Fully Extended Maturity Date (5) |  | Interest Rate |  | June 30, 2023 |  | December 31, 2022
Debt: |  |  |  |  |  |  |  |  |  |
2024 Term Loan |  | December 23, 2024 |  | — |  | 1.37% |  | $ | — |  |  | $ | 175,000 |
2027 Term Loan (1) |  | January 15, 2026 |  | January 15, 2027 |  | 1.37% |  | 175,000 |  |  | — |
Revolver (2) |  | August 11, 2026 |  | August 11, 2027 |  | 6.15% |  | 106,000 |  |  | 113,000 |
2028 Term Loan (3) |  | February 11, 2028 |  | — |  | 3.88% |  | 200,000 |  |  | 200,000 |
Mortgage Note |  | November 1, 2027 |  | — |  | 4.53% |  | 8,435 |  |  | 8,498 |
Total debt |  |  |  |  |  |  |  | 489,435 |  |  | 496,498 |
Unamortized discount and debt issuance costs |  |  |  |  |  |  |  | (2,853) |  |  | (2,306) |
Unamortized deferred financing costs, net (4) |  |  |  |  |  |  |  | (2,313) |  |  | (2,684) |
Total debt, net |  |  |  |  |  |  |  | $ | 484,269 |  |  | $ | 491,508 |
(1) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of June 30, 2023. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (2) The annual interest rate of the Revolver assumes daily SOFR as of June 30, 2023 of 5.05% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of June 30, 2023. (3) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of June 30, 2023. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (4) The Company records deferred financing costs for the Revolver in other assets, net on its condensed consolidated balance sheets. (5) Date represents the fully extended maturity date available to the Company under each related debt instrument.
Schedule of Debt Maturities | Payments on the 2027 Term Loan and the 2028 Term Loan are interest only through maturity. As of June 30, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands):
|  | Scheduled Principal |  | Balloon Payment (1) |  | Total
Remainder of 2023 |  | $ | 92 |  |  | $ | — |  |  | $ | 92 |
2024 |  | 162 |  |  | — |  |  | 162 |
2025 |  | 170 |  |  | — |  |  | 170 |
2026 |  | 178 |  |  | 281,000 |  |  | 281,178 |
2027 |  | 170 |  |  | 7,663 |  |  | 7,833 |
Thereafter |  | — |  |  | 200,000 |  |  | 200,000 |
Total |  | $ | 772 |  |  | $ | 488,663 |  |  | $ | 489,435 |
Interest Income and Interest Expense Disclosure | The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Revolving credit facilities (1) |  | $ | 2,567 |  |  | $ | 818 |  |  | $ | 3,716 |  |  | $ | 1,296 |
Term loans (2) |  | 2,668 |  |  | 593 |  |  | 5,168 |  |  | 1,184 |
Mortgage note payable |  | 100 |  |  | — |  |  | 193 |  |  | — |
Non-cash: |  |  |  |  |  |  |  |
Amortization of deferred financing costs |  | 186 |  |  | 101 |  |  | 371 |  |  | 201 |
Amortization of debt discount, net |  | 150 |  |  | 56 |  |  | 301 |  |  | 113 |
Capitalized interest |  | (150) |  |  | (46) |  |  | (284) |  |  | (103) |
Total interest expense, net |  | $ | 5,521 |  |  | $ | 1,522 |  |  | $ | 9,465 |  |  | $ | 2,691 |
(1) Includes facility fees and non-utilization fees of approximately $0.2 million and less than $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and facility fees of $0.3 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively. (2) Includes the effects of interest rate hedges in place as of such date.

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