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Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2025

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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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional

​

Fair Value at

​

Date Entered

​

Maturity Date

​

Swap Rate

​

Rate Index

​

​

Amount

​

​

March 31, 2025

​

​

​

December 31, 2024

​

November 2021

​

November 19, 2025

​

2.52

%

​

1-month SOFR

​

$

50,000

​

$

931

​

​

$

1,305

​

November 2021

​

November 19, 2026

​

2.66

%

​

1-month SOFR

​

​

50,000

​

​

1,974

​

​

​

2,510

​

​

​

​

​

​

​

​

​

​

$

100,000

​

$

2,905

​

​

$

3,815

​

Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2025

​

At December 31, 2024

​

​

​

Applicable

​

​

​

Available

​

​

​

Available

​

​

​

Interest

​

Outstanding

​

for

​

Outstanding

​

for

​

Debt Obligations

​

Rate (1)

​

Balance

​

Borrowing

​

Balance

​

Borrowing

​

Revolving line of credit (2)

​

5.50%

​

$

148,850

​

$

276,150

​

$

144,350

​

$

280,650

​

Term loans, net of debt issue costs

​

2.59%

​

​

99,846

​

​

—

​

​

99,808

​

​

—

​

Senior unsecured notes, net of debt issue costs

​

4.15%

​

​

433,483

​

​

—

​

​

440,442

​

​

—

​

Total

​

4.21%

​

$

682,179

​

$

276,150

​

$

684,600

​

$

280,650

​

(1) Represents weighted average of interest rate as of March 31, 2025.

​

(2) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950 outstanding and $295,050 available for borrowing under our unsecured revolving line of credit.

​

Schedule of borrowings and repayments

During the three months ended March 31, 2025 and 2024, our debt borrowings and repayments were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

​

​

2025

​

2024

​

Debt Obligations

​

​

Borrowings

​

​

Repayments

​

Borrowings

​

Repayments

​

Revolving line of credit

​

$

15,000

(1)

$

(10,500)

​

$

10,300

​

$

(35,500)

​

Senior unsecured notes

​

​

—

​

​

(7,000)

​

​

—

​

​

(6,000)

​

Total

​

$

15,000

​

$

(17,500)

​

$

10,300

​

$

(41,500)

​

(1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950 outstanding and $295,050 available for borrowing under our unsecured revolving line of credit.

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