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DEBT | 9 Months Ended
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Sep. 30, 2024
DEBT |
DEBT | 7 – DEBT ​ Long-term debt, net consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​
​ |  | 2024 |  | 2023 |
Principal amount |  | $ | 80,000 |  | $ | 200,000 | ​
Less: Unamortized deferred financing costs | ​ |  | (8,330) | ​ |  | (9,831) | ​
Less: Current portion | ​ |  | — | ​ |  | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt, net |  | $ | 71,670 |  | $ | 190,169 | ​
​ $500 Million Revolver On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing $450 Million Credit Facility (as defined below). The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of the Company’s asset base as well as general corporate purposes (the “$500 Million Revolver”). The maturity date of the $500 Million Revolver is November 29, 2028. ​ As of September 30, 2024, there was $333,023 availability under the $500 Million Revolver. Total debt repayments of $25,000 and $120,000 were made during the three and nine months ended September 30, 2024, respectively, under the $500 Million Revolver. ​ As of September 30, 2024, the Company was in compliance with all of the financial covenants under the $500 Million Revolver. ​ $450 Million Credit Facility On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which was allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s two prior credit facilities. ​ On May 30, 2023, the Company entered into an amendment to the $450 Million Credit Facility to transition from the use of the London Inter-Bank Offered Rate (“LIBOR”) to calculate interest to the Secured Overnight Financing Rate (“SOFR”) effective June 30, 2023. Borrowings began bearing interest at SOFR plus the applicable margin effective June 30, 2023. ​ Total debt repayments of $8,750 and $26,250 were made during the three and nine months ended September 30, 2023, respectively, under the $450 Million Credit Facility. ​ On November 29, 2023, the Company entered into a fourth amendment to the $450 Million Credit Facility; refer to the “$500 Million Revolver” section above. ​ Interest rates ​ The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The effective interest rate below does not include the effect of any interest rate cap agreements. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | ​ | 2024 | ​ | 2023 | ​
Effective Interest Rate | ​ | 10.10 | % | 8.71 | % | ​ | 9.03 | % | 8.27 | %
Range of Interest Rates (excluding unused commitment fees) | ​ | 6.75% to 7.24 | % | 7.31% to 7.58 | % | ​ | 6.75% to 7.24 | % | 6.43% to 7.58 | %
​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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