| Schedule of debt |
Debt consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Balance Outstanding as of | | | March 31, 2025 | | | | March 31, | | December 31, | | | Rate Type | | Interest Rate | | Maturity Date | | 2025 | | 2024 | | | | | | | | | | (unaudited) | | | | Unsecured Corporate Credit Facilities (1) | | | | | | | | | | | | | | Term Loan 1 | | Fixed | (2) | 5.32 | % | | July 25, 2027 | | $ | 175,000 | | $ | 175,000 | Term Loan 2 | | Variable | | 5.82 | % | | January 25, 2028 | | | 175,000 | | | 175,000 | Term Loan 3 | | Variable | (3) | 5.77 | % | | May 1, 2025 | | | 225,000 | | | 225,000 | Term Loan 4 | | Fixed | (4) | 5.52 | % | | November 7, 2025 | | | 100,000 | | | 100,000 | Total unsecured corporate credit facilities | | | | | | | | | $ | 675,000 | | $ | 675,000 | | | | | | | | | | | | | | | Unsecured Senior Notes | | | | | | | | | | | | | | Series A | | Fixed | | 4.69 | % | | January 10, 2026 | | $ | 65,000 | | $ | 65,000 | Series B | | Fixed | | 4.79 | % | | January 10, 2028 | | | 105,000 | | | 105,000 | Total unsecured senior notes | | | | | | | | | $ | 170,000 | | $ | 170,000 | | | | | | | | | | | | | | | Total debt | | | | | | | | | | 845,000 | | | 845,000 | Unamortized deferred financing costs | | | | | | | | | | (3,441) | | | (3,953) | Debt, net of unamortized deferred financing costs | | | | | | | | | $ | 841,559 | | $ | 841,047 |
| (1) | The variable interest rates on the Company’s unsecured corporate credit facilities are based on a pricing grid depending on the Company’s leverage ratio, plus SOFR and additional adjustments pursuant to the applicable credit agreement. |
| (2) | Term Loan 1 is subject to two interest rate swap derivatives (see Note 4). |
| (3) | Term Loan 3 has an initial maturity of May 1, 2025 with an option to extend the term by 12 months at the Company’s election, which would result in an extended maturity of May 1, 2026, upon the payment of applicable fees and the satisfaction of certain customary conditions (see Note 14). |
| (4) | Term Loan 4 is subject to an interest rate swap derivative (see Note 4). Term Loan 4 has an initial maturity of November 7, 2025 with two six-month extensions at the Company’s election, which would result in an extended maturity of November 7, 2026, upon the payment of applicable fees and the satisfaction of certain customary conditions. |
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| Schedule of interest expense |
Total interest incurred and expensed on the Company’s debt was as follows (unaudited and in thousands): | | | | | | | | | Three Months Ended March 31, | | | 2025 | | 2024 | Interest expense on debt | | $ | 11,865 | | $ | 12,313 | Noncash interest on derivatives, net | | | 982 | | | (2,042) | Amortization of deferred financing costs | | | 863 | | | 739 | Capitalized interest | | | (1,028) | | | — | Total interest expense | | $ | 12,682 | | $ | 11,010 |
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