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v3.25.3

Debt, Net | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Instrument [Line Items] |
Debt, Net | 6. DEBT, NET
|  | As of September 30, 2025 |
(in thousands, except interest rate) |  | Note |  | Maturity |  | Interest Rate |  |  |
Revolving Credit Facility |  | (a) |  | 3-Oct-2027 |  | SOFR + 1.20% * |  | $ | 108,500 |
Term Loan |  | (b) |  | 3-Oct-2027 |  | SOFR + 1.20% * |  |  | 200,000 |
Unamortized financing transaction costs, Term Loan |  |  |  |  |  |  |  |  | (1,429 | )
|  |  |  |  |  |  |  | $ | 307,071 |
* The approximate SOFR rate at September 30, 2025 was 4.24%.
|  | As of December 31, 2024 |
(in thousands, except interest rate) |  | Note |  | Maturity |  | Interest Rate |  |  |
Revolving Credit Facility |  | (a) |  | 3-Oct-2027 |  | Adjusted SOFR + 1.20% ** |  | $ | 68,500 |
Term Loan |  | (b) |  | 3-Oct-2027 |  | Adjusted SOFR + 1.20% ** |  |  | 200,000 |
Unamortized financing transaction costs, Term Loan |  |  |  |  |  |  |  |  | (1,962 | )
|  |  |  |  |  |  |  | $ | 266,538 |
** The approximate SOFR rate at December 31, 2024 was 4.37%, plus a 10 basis point adjustment (“Adjusted SOFR”). As of September 30, 2025 and December 31, 2024, the weighted average interest rate was 5.36% and 5.65%, respectively. The aggregate principal repayment of the Company’s debt, excluding the unamortized financing transaction costs of $1.4 million, due in each of the years under the remaining term, are as follows:
(in thousands) |  |  |  |  |  |  |  | September 30, 2025 |
Remainder of 2025 |  | $ | — |
2026 |  |  | — |
2027 |  |  | 308,500 |
(a) Revolving Credit Facility On October 3, 2024, the Company entered into a credit facility agreement with JPMorgan Chase Bank, N.A., which provides for an unsecured revolving line of credit of $250.0 million, including $20.0 million available for issuance of letters of credit (the “Revolving Credit Facility”). The Revolving Credit Facility has a three-year term expiring on October 3, 2027, with two 12-month extensions, subject to certain conditions including payment of 0.125% fee on the aggregate outstanding amount of the revolving commitments. Borrowings under the Revolving Credit Facility bear interest at floating rates based on adjusted SOFR plus an applicable margin based on the Company's leverage ratio ranging between 1.20% and 1.75% per annu m. On September 16, 2025, the Company amended the Revolving Credit Facility to remove the 10 bps credit spread adjustment applicable to adjusted SOFR. As of September 30, 2025 and December 31, 2024, the applicable margin was 1.20% as of each date. The Revolving Credit Facility contains a commitment fee of 0.15% per annum if average daily usage in such quarter is over 50% of total revolving commitments. The commitment fee is payable quarterly in arrears on the first day of each calendar quarter and is included in interest expense on the accompanying condensed consolidated statements of operations and comprehensive income (loss). (b) Term Loan On October 3, 2024, the Company entered into a credit facility agreement with JPMorgan Chase Bank N.A. as administrative agent that provided commitments for an unsecured term loan, allowing borrowings of up to $200.0 million (the “Term Loan”). The Term Loan is available to be drawn until October 2025 and has an initial maturity of October 3, 2027, with two 12-month extensions, subject to certain conditions including payment of a 0.125% fee on the aggregate outstanding principal amount of the Term Loan. The Term Loan bears interest at floating rates based on Adjusted SOFR plus an applicable margin based on the Company's leverage ratio ranging between 1.20% and 1.75% per annum. On September 16, 2025, the Company amended the Term Loan to remove the 10 bps credit spread adjustment applicable to adjusted SOFR. A s of September 30, 2025 and December 31, 2024, the applicable margin was 1.20% as of each date. Debt Covenants The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its Revolving Credit Facility and Term Loan agreements. These covenants require the Company to maintain certain financial ratios. As of September 30, 2025 and December 31, 2024, the Company believes it was in compliance with all of its loan covenants. If a default or event of default exists, either through default on payments or breach of covenants, we may be restricted from paying dividends to our stockholders in excess of dividends required to maintain our REIT qualification.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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