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Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Debt Obligations

Schedule of interest rate swaps

Information regarding our interest rate swaps measured at fair value, which are classified as Level 2 of the fair value hierarchy is presented below (dollar amounts in thousands):

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​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Notional

​

Fair Value at

​

Date Entered

​

Maturity Date

​

Swap Rate

​

Rate Index

​

​

Amount

​

​

September 30, 2024

​

​

​

December 31, 2023

​

November 2021

​

November 19, 2025

​

2.62

%

​

1-month SOFR

​

$

50,000

​

$

1,448

​

​

$

2,698

​

November 2021

​

November 19, 2026

​

2.76

%

​

1-month SOFR

​

​

50,000

​

​

2,191

​

​

​

3,412

​

​

​

​

​

​

​

​

​

​

$

100,000

​

$

3,639

​

​

$

6,110

​

Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of September 30, 2024 and December 31, 2023 (dollar amounts in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2024

​

At December 31, 2023

​

​

​

Applicable

​

​

​

Available

​

​

​

Available

​

​

​

Interest

​

Outstanding

​

for

​

Outstanding

​

for

​

Debt Obligations

​

Rate (1)

​

Balance

​

Borrowing

​

Balance

​

Borrowing

​

Revolving line of credit (2)

​

6.17%

​

$

240,150

​

$

184,850

​

$

302,250

​

$

97,750

​

Term loans, net of debt issue costs

​

2.69%

​

​

99,771

​

​

—

​

​

99,658

​

​

—

​

Senior unsecured notes, net of debt issue costs

​

4.15%

​

​

445,402

​

​

—

​

​

489,409

​

​

—

​

Total

​

4.58%

​

$

785,323

​

$

184,850

​

$

891,317

​

$

97,750

​

(1) Represents weighted average of interest rate as of September 30, 2024.

​

(2) Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

​

Schedule of borrowings and repayments

During the nine months ended September 30, 2024 and 2023, our debt borrowings and repayments were as follows (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30,

​

​

2024

​

2023

​

Debt Obligations

​

​

Borrowings

​

​

Repayments

​

Borrowings

​

Repayments

​

Revolving line of credit

​

$

19,200

​

$

(81,300)

(1)

$

274,450

​

$

(42,200)

​

Term loans

​

​

—

​

​

—

​

​

—

​

​

—

​

Senior unsecured notes

​

​

—

​

​

(44,160)

​

​

—

​

​

(44,160)

​

Total

​

$

19,200

​

$

(125,460)

​

$

274,450

​

$

(86,360)

​

(1) Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

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