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Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consists of the following (in thousands):
|  |  |  |  |  |  |  |  |  | Amounts Outstanding as of
|  | Contractual Maturity Date |  | Fully Extended Maturity Date (1) |  | Interest Rate (2) |  | Hedged Interest Rate (3) |  | December 31, 2025 |  | December 31, 2024
Debt: |  |  |  |  |  |  |  |  |  |  |  |
2028 Term Loan |  | February 11, 2028 |  | — |  | 4.82% |  | 3.58% |  | $ | 200,000 |  |  | $ | 200,000 |
2029 Term Loan |  | July 3, 2026 |  | January 3, 2029 |  | 4.72% |  | 4.69% |  | 250,000 |  |  | 250,000 |
2030 Term Loan A |  | January 15, 2029 |  | January 15, 2030 |  | 4.61% |  | 3.35% |  | 175,000 |  |  | 175,000 |
2030 Term Loan B |  | January 15, 2029 |  | January 15, 2030 |  | 4.71% |  | 4.82% |  | 175,000 |  |  | — |
2031 Term Loan |  | March 25, 2031 |  | — |  | 4.71% |  | 4.39% |  | 200,000 |  |  | — |
2032 Term Loan |  | September 24, 2032 |  | — |  | 5.01% |  | 4.70% |  | 100,000 |  |  | — |
Revolver |  | January 15, 2029 |  | January 15, 2030 |  | 4.61% |  | — |  | — |  |  | 239,000 |
Mortgage Note |  | November 1, 2027 |  | — |  | 4.53% |  | — |  | 8,042 |  |  | 8,205 |
Total debt |  |  |  |  |  |  |  |  |  | 1,108,042 |  |  | 872,205 |
Unamortized discount and debt issuance costs |  |  |  |  |  | (6,897) |  |  | (2,744) |
Unamortized deferred financing costs, net (4) |  |  |  |  |  | (5,657) |  |  | (1,200) |
Total debt, net |  |  |  |  |  |  |  |  |  | $ | 1,095,488 |  |  | $ | 868,261 |
(1) Date represents the fully extended maturity date available to the Company, subject to certain conditions, under each related debt instrument. (2) Represents the stated interest rate within the respective debt agreement as of December 31, 2025. The term loans and Revolver bear a floating interest rate (SOFR) plus the applicable margin as described further in “Note 6 – Debt”. (3) Represents the weighted-average hedged fixed rate plus the applicable margin as of December 31, 2025, as described further in “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments.” (4) The Company records deferred financing costs associated with the Revolver and loan commitment fees associated with the 2032 Term Loan in other assets, net in the consolidated balance sheets. The Company reclassified the net amount of loan commitment fees associated with the 2029 Term Loan from other assets, net to debt issuance costs upon the $100.0 million draw under the 2029 Term Loan.
Schedule of Maturities of Long-term Debt | Payments on the 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, 2030 Term Loan B, 2031 Term Loan, and 2032 Term Loan are interest-only through maturity. As of December 31, 2025, scheduled debt maturities, including balloon payments, are as follows (in thousands):
|  | Scheduled Principal Payment |  | Balloon Payment (1) |  | Total
2026 |  | $ | 178 |  |  | $ | 250,000 |  |  | $ | 250,178 |
2027 |  | 170 |  |  | 7,694 |  |  | 7,864 |
2028 |  | — |  |  | 200,000 |  |  | 200,000 |
2029 |  | — |  |  | 350,000 |  |  | 350,000 |
2030 |  | — |  |  | — |  |  | — |
Thereafter |  | — |  |  | 300,000 |  |  | 300,000 |
Total |  | $ | 348 |  |  | $ | 1,107,694 |  |  | $ | 1,108,042 |
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):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Revolving credit facilities (1) |  | $ | 5,628 |  |  | $ | 6,879 |  |  | $ | 5,492 |
Term loans (2) |  | 39,346 |  |  | 25,315 |  |  | 14,518 |
Mortgage note payable |  | 373 |  |  | 380 |  |  | 387 |
Non-cash: |  |  |  |  |  |
Amortization of deferred financing costs |  | 1,231 |  |  | 794 |  |  | 898 |
Amortization of debt discount and debt issuance costs, net |  | 2,019 |  |  | 1,551 |  |  | 947 |
Amortization of deferred losses (gains) on interest rate swaps |  | 2,859 |  |  | (3,789) |  |  | (2,124) |
Capitalized interest |  | (154) |  |  | (806) |  |  | (1,060) |
Total interest expense, net |  | $ | 51,302 |  |  | $ | 30,324 |  |  | $ | 19,058 |
(1) Includes facility fees of approximately $0.8 million, $0.6 million, and $0.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. (2) Includes the effects of interest rate hedges.

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