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Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2023

Debt Obligations

Schedule of interest rate swaps

As of June 30, 2023 and December 31, 2022, the terms of the Interest Rate Swaps are as follows (dollar amounts in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional

​

Fair Value at

​

Date Entered

​

Maturity Date

​

Swap Rate

​

Rate Index

​

​

Amount

​

​

June 30, 2023

​

​

​

December 31, 2022

​

November 2021

​

November 19, 2025

​

2.62

%

​

1-month SOFR

​

$

50,000

​

$

3,895

​

​

$

4,003

​

November 2021

​

November 19, 2026

​

2.76

%

​

1-month SOFR

​

​

50,000

​

​

4,673

​

​

​

4,716

​

​

​

​

​

​

​

​

​

​

$

100,000

​

$

8,568

​

​

$

8,719

​

Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of June 30, 2023 and December 31, 2022 (dollar amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At June 30, 2023

​

At December 31, 2022

​

​

​

Applicable

​

​

​

Available

​

​

​

Available

​

​

​

Interest

​

Outstanding

​

for

​

Outstanding

​

for

​

Debt Obligations

​

Rate (1)

​

Balance

​

Borrowing

​

Balance

​

Borrowing

​

Revolving line of credit (2)

​

6.35%

​

$

326,350

​

$

73,650

​

$

130,000

​

$

270,000

​

Term loans, net of debt issue costs

​

2.69%

​

​

99,583

​

​

—

​

​

99,511

​

​

—

​

Senior unsecured notes, net of debt issue costs (3)

​

4.24%

​

​

527,456

​

​

—

​

​

538,343

​

​

—

​

Total

​

4.80%

​

$

953,389

​

$

73,650

​

$

767,854

​

$

270,000

​

(1) Represents weighted average of interest rate as of June 30, 2023.

​

(2) Subsequent to June 30, 2023, we borrowed $34,000 under our Revolving Line of Credit. Accordingly, we have $360,350 outstanding and $39,650 available for borrowing under our Revolving Line of Credit.

​

(3) Subsequent to June 30, 2023, we paid $17,160 in regular scheduled principal payments under our senior unsecure notes. Accordingly, we have $510,296 outstanding under our senior unsecured notes.

​

Schedule of borrowings and repayments

During the six months ended June 30, 2023 and 2022, our debt borrowings and repayments were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

​

​

2023

​

2022

​

Debt Obligations

​

​

Borrowings

​

​

Repayments

​

Borrowings

​

Repayments

​

Revolving line of credit (1)

​

$

224,950

​

$

(28,600)

​

$

99,000

​

$

(153,900)

​

Senior unsecured notes (2)

​

​

—

​

​

(11,000)

​

​

75,000

​

​

(7,000)

​

Total

​

$

224,950

​

$

(39,600)

​

$

174,000

​

$

(160,900)

​

(1) Subsequent to June 30, 2023, we borrowed $34,000 under our Revolving Line of Credit. Accordingly, we have $360,350 outstanding and $39,650 available for borrowing under our Revolving Line of Credit.

​

(2) Subsequent to June 30, 2023, we paid $17,160 in regular scheduled principal payments under our senior unsecure notes. Accordingly, we have $510,296 outstanding under our senior unsecured notes.

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