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Notes Payable, Net
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Notes Payable, Net NOTES PAYABLE, NET
At September 30, 2023 and December 31, 2022, notes payable consisted of the following (in thousands):
September 30, 2023December 31, 2022
7.875% Senior Notes due 2025
$625,000 $625,000 
Unamortized debt issuance costs and discount
(3,198)(4,349)
$621,802 $620,651 
Revolving Credit Facility
In June 2023, the Operating Company entered into the fourth amendment to its $125.0 million unsecured revolving credit facility which, among other things, replaced the London Interbank Offer Rate with the Secured Overnight Financing Rate (“SOFR”) as a benchmark interest rate. Any borrowings under the revolving credit facility bore interest at CME Term SOFR 1 Month increased by 0.10% plus a margin ranging from 1.75% to 2.00% based on the Company’s leverage ratio. The maturity date of the unsecured revolving credit facility remained in April 2024, with one option to extend the maturity date by an additional year, subject to the satisfaction of certain conditions, including the approval of the administrative agent and lenders. As of September 30, 2023, no borrowings or letters of credit were outstanding on the Operating Company’s revolving credit facility.
On October 19, 2023, the Operating Company entered into the fifth amendment to its $125.0 million unsecured revolving credit facility, which, among other things, extended the maturity date as well as amended and restated the existing credit agreement inclusive of prior amendments. The maturity date has been extended to April 2026, which can be accelerated to July 2025 if the substantial majority of the Operating Company’s senior notes are not refinanced, repaid or extended prior to such date. Any borrowings under the amended and restated revolving credit agreement will bear interest at CME Term SOFR 1 Month increased by 0.10% plus a margin of either 2.25% or 2.50% based on the Company's leverage ratio. The amended and restated revolving credit facility may be further extended to April 2027, subject to the satisfaction of certain conditions, including the approval of the administrative agent and lenders.