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DEBT

3 Months Ended

Mar. 31, 2025

DEBT

DEBT

8 – DEBT

​

Long-term debt, net consists of the following:

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​		2025			2024
Principal amount		$	90,000		$	90,000	​
Less: Unamortized deferred financing costs	​		(7,332)	​		(7,825)	​
Less: Current portion	​		—	​		—	​
​	​	​	​	​	​	​	​
Long-term debt, net		$	82,668		$	82,175	​

​

$500 Million Revolver

On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing credit facility at the time. 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 March 31, 2025, there was $323,523 availability under the $500 Million Revolver. Total debt repayments of $0 and $30,000 were made during the three months ended March 31, 2025 and 2024, respectively, under the $500 Million Revolver.

​

As of March 31, 2025, the Company was in compliance with all of the financial covenants under the $500 Million Revolver.

​

Interest rates

​

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facility 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 and any interest rate cap agreements, if applicable:

​

​	​	​	​	​	​
​	​	For the Three Months Ended
​	​	March 31,
​	​	2025	​	2024	​
Effective Interest Rate	​	9.14	%	8.35	%
Range of Interest Rates (excluding unused commitment fees)	​	6.21 % to 6.24	%	7.18 % to 7.21	%

​

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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

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