Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2022

The Company’s debt obligations were as follows ($ in thousands):


	Carrying Value as of				Stated		Scheduled
	June 30, 2022		December 31, 2021		Interest Rates		Maturity Date
Secured credit facilities:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00	% ⁽¹⁾	September 2022
Senior Term Loan		—		491,875	LIBOR + 2.75	% ⁽²⁾	—
Total secured credit facilities		—		491,875
Unsecured notes:
3.125% senior convertible notes⁽³⁾		93,110		287,500	3.125	%	September 2022
4.75% senior notes⁽⁴⁾		767,941		775,000	4.75	%	October 2024
4.25% senior notes⁽⁵⁾		550,000		550,000	4.25	%	August 2025
5.50% senior notes⁽⁶⁾		346,906		400,000	5.50	%	February 2026
Total unsecured notes		1,757,957		2,012,500
Other debt obligations:
Trust preferred securities		100,000		100,000	LIBOR + 1.50	%	October 2035
Total debt obligations		1,857,957		2,604,375
Debt discounts and deferred financing costs, net		(24,707)		(32,201)
Total debt obligations, net⁽⁷⁾	$	1,833,250	$	2,572,174

(1)

The Revolving Credit Facility bears interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023.

(2)	The loan accrued interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.

(3)

The Company’s 3.125% senior convertible fixed rate notes due September 2022 (“3.125% Convertible Notes”) are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of June 30, 2022 was 72.8554 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $13.73 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. During the three months ended June 30, 2022 and 2021, the Company recognized $0.9 million and $2.2 million, respectively, of contractual interest on the 3.125% Convertible Notes. During the six months ended June 30, 2022 and 2021, the Company recognized $3.2 million and $4.5 million, respectively, of contractual interest on the 3.125% Convertible Notes.

(4)	The Company can prepay these senior notes without penalty beginning July 1, 2024.

(5)	The Company can prepay these senior notes without penalty beginning May 1, 2025.

(6)	The Company can prepay these senior notes without penalty beginning August 15, 2024.

(7)	The Company capitalized interest relating to development activities of $0.4 million and $0.2 million during the three months ended June 30, 2022 and 2021, respectively, and $0.7 million and $0.4 million during the six months ended June 30, 2022 and 2021, respectively.

Schedule of future scheduled maturities of outstanding debt obligations


	Unsecured Debt		Secured Debt		Total
2022 (remaining six months)	$	93,110	$	—	$	93,110
2023		—		—		—
2024		767,941		—		767,941
2025		550,000		—		550,000
2026		346,906		—		346,906
Thereafter		100,000		—		100,000
Total principal maturities		1,857,957		—		1,857,957
Unamortized discounts and deferred financing costs, net		(24,707)		—		(24,707)
Total debt obligations, net	$	1,833,250	$	—	$	1,833,250