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Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2022

The following table sets forth information regarding debt obligations by component as of March 31, 2022 and December 31, 2021 (dollar amounts in thousands):


		At March 31, 2022				At December 31, 2021
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate ⁽¹⁾	Balance		Borrowing		Balance		Borrowing
Revolving line of credit ⁽²⁾	1.60%	$	157,900	$	242,100	$	110,900	$	289,100
Term loans, net of debt issue costs	2.63%		99,400		—		99,363		—
Senior unsecured notes, net of debt issue costs	4.35%		505,482		—		512,456		—
Total	3.55%	$	762,782	$	242,100	$	722,719	$	289,100

(1)	Represents weighted average of interest rate as of March 31, 2022.

(2)	Subsequent to March 31, 2022, we borrowed $52,000 and repaid $18,000 under our Revolving Line of Credit. Accordingly,

we have $191,900 outstanding and $208,100 available for borrowing under our Revolving Line of Credit.

Schedule of interest rate swaps

As of March 31, 2022 and December 31, 2021, the terms of our Interest Rate Swaps are as follows (dollar amounts in thousands):


						Notional	Fair Value at
Date Entered	Maturity Date	Swap Rate		Rate Index		Amount		March 31, 2022
November 2021	November 19, 2025	2.56	%	1-month LIBOR	$	50,000	$	2,245
November 2021	November 19, 2026	2.69	%	1-month LIBOR		50,000		2,459
					$	100,000	$	4,704

Schedule of borrowings and repayments

Our borrowings and repayments are as follows (in thousands):


	Three Months Ended March 31,
	2022						2021
Debt Obligations		Borrowings			Repayments		Borrowings		Repayments
Revolving line of credit	$	47,000	⁽¹⁾	$	—	⁽¹⁾	$	17,000	$	—
Senior unsecured notes		—			(7,000)			—		(7,000)
Total	$	47,000		$	(7,000)		$	17,000	$	(7,000)

(1)	Subsequent to March 31, 2022, we borrowed $52,000 and repaid $18,000 under our Revolving Line of Credit. Accordingly, we have $191,900 outstanding and $208,100 available for borrowing under our Revolving Line of Credit.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details