As of March 31, 2025 and December 31, 2024, the Company had the following outstanding Unsecured Notes (dollars in thousands):


	March 31, 2025		December 31, 2024
Series A Notes, net of $1,529 and $1650, respectively, of unamortized deferred financing costs	$	140,971	$	140,850
August 2026 Notes, net of $805 and $950, respectively, of unamortized deferred financing costs		124,195		124,050
September 2029 Notes, net of $3,387 and $3433, respectively, of unamortized deferred financing costs		115,003		111,567
March 2029 Notes, net of $2,840 and $2879, respectively, of unamortized deferred financing costs		112,421		112,121
December 2026 Notes, net of $636 and $729, respectively, of unamortized deferred financing costs		74,364		74,271
2025 Notes, net of $0 and $81, respectively, of unamortized deferred financing costs		—		152,419
Convertible Notes, net of $0 and $605, respectively, of unamortized deferred financing costs and discount		—		49,395
Total Unsecured Notes, net of $9,197 and $10,327, respectively, of unamortized deferred financing costs	$	566,954	$	764,673

The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2025				March 31, 2024
Stated interest expense	$		445		$		3,194
Amortization of deferred financing costs			81				498
Total interest and amortization of deferred financing costs	$		526		$		3,692

Weighted average effective interest rate			8.3	%			8.1	%
Weighted average outstanding balance	$		25,417		$		182,500

The components of the carrying value of the Convertible Notes were as follows (in thousands):


	March 31, 2025		December 31, 2024
Principal amount of debt	$	—	$	50,000
Unamortized debt financing cost		—		(356	)
Original issue discount, net of accretion		—		(249	)
Carrying value of Convertible Notes	$	—	$	49,395

The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2025				March 31, 2024
Stated interest expense	$		797		$		797
Amortization of deferred financing costs			93				99
Total interest and amortization of deferred financing costs	$		890		$		896

Weighted average effective interest rate			4.7	%			4.8	%
Weighted average outstanding balance	$		75,000		$		75,000

The components of the carrying value of the March 2029 Notes were as follows (in thousands):


	March 31, 2025			December 31, 2024
Principal amount of debt	$	115,261		$	115,000
Unamortized deferred financing cost		(2,842	)		(2,879	)
Issuance premium and/or (discount), net of accretion		2			—
Carrying value of March 2029 Notes	$	112,421		$	112,121

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2025				March 31, 2024
Stated interest expense	$		6,131		$		4,843
Amortization of deferred financing costs			385				206
Total interest and amortization of deferred financing costs	$		6,516		$		5,049

Weighted average effective interest rate			8.5	%			9.1	%
Weighted average outstanding balance	$		305,296		$		221,086