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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Notional | ​ | Fair Value at | ​
Date Entered | ​ | Maturity Date | ​ | Swap Rate | ​ | Rate Index | ​ | ​ | Amount | ​ | ​ | September 30, 2025 | ​ | ​ | ​ | December 31, 2024 | ​
November 2021 | ​ | November 19, 2025 | ​ | 2.52 | % | ​ | 1-month SOFR | ​ | $ | 50,000 | ​ | $ | 200 | ​ | ​ | $ | 1,305 | ​
November 2021 | ​ | November 19, 2026 | ​ | 2.66 | % | ​ | 1-month SOFR | ​ | ​ | 50,000 | ​ | ​ | 1,259 | ​ | ​ | ​ | 2,510 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 100,000 | ​ | $ | 1,459 | ​ | ​ | $ | 3,815 | ​
Schedule of Debt Obligations | The following table sets forth information regarding debt obligations by component as of September 30, 2025 and December 31, 2024 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At September 30, 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) | ​ | 4.76% | ​ | $ | 548,450 | ​ | $ | 51,550 | ​ | $ | 144,350 | ​ | $ | 280,650 | ​
Term loans, net of debt issue costs | ​ | n/a | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 99,808 | ​ | ​ | — | ​
Senior unsecured notes, net of debt issue costs | ​ | 4.12% | ​ | ​ | 396,065 | ​ | ​ | — | ​ | ​ | 440,442 | ​ | ​ | — | ​
Total | ​ | 4.49% | ​ | $ | 944,515 | ​ | $ | 51,550 | ​ | $ | 684,600 | ​ | $ | 280,650 | ​
(1) | Represents weighted average interest rate as of September 30, 2025.
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(2) | Subsequent to September 30, 2025, we repaid $62,900 under our unsecured revolving line of credit. Accordingly, we have $485,550 outstanding and $114,450 available for borrowing under our unsecured revolving line of credit.
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Schedule of borrowings and repayments | During the nine months ended September 30, 2025 and 2024, our debt borrowings and repayments were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2025 | ​ | 2024 | ​
Debt Obligations | ​ | ​ | Borrowings | ​ | ​ | Repayments | ​ | Borrowings | ​ | Repayments | ​
Revolving line of credit | ​ | $ | 433,500 | ​ | $ | (29,400) | (1) | $ | 19,200 | ​ | $ | (81,300) | ​
Term loans | ​ | ​ | — | ​ | ​ | (100,000) | ​ | ​ | — | ​ | ​ | — | ​
Senior unsecured notes | ​ | ​ | — | ​ | ​ | (44,500) | ​ | ​ | — | ​ | ​ | (44,160) | ​
Total | ​ | $ | 433,500 | ​ | $ | (173,900) | ​ | $ | 19,200 | ​ | $ | (125,460) | ​
(1) | Subsequent to September 30, 2025, we repaid $62,900 under our unsecured revolving line of credit. Accordingly, we have $485,550 outstanding and $114,450 available for borrowing under our unsecured revolving line of credit.
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