As of June 30, 2025 and December 31, 2024, the Company had the following outstanding Unsecured Notes (dollars in thousands):


	June 30, 2025		December 31, 2024
Series A Notes, net of $1,409 and $1,650, respectively, of unamortized deferred financing costs	$	141,091	$	140,850
August 2026 Notes, net of $661 and $950, respectively, of unamortized deferred financing costs		124,339		124,050
September 2029 Notes, net of $3,221 and $3,433, respectively, of unamortized deferred financing costs		115,973		111,567
March 2029 Notes, net of $2,690 and $2,879, respectively, of unamortized deferred financing costs		113,947		112,121
December 2026 Notes, net of $542 and $729, respectively, of unamortized deferred financing costs		74,458		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 $8,523 and $10,327, respectively, of unamortized deferred financing costs	$	569,808	$	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				Six Months Ended				Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Stated interest expense	$		—		$		2,937		$		445		$		6,131
Amortization of deferred financing costs			—				483				81				982
Total interest and amortization of deferred financing costs	$		—		$		3,420		$		526		$		7,113

Weighted average effective interest rate			—	%			8.2	%			8.3	%			8.1	%
Weighted average outstanding balance	$		—		$		167,665		$		12,638		$		175,082

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


	June 30, 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				Six Months Ended				Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Stated interest expense	$		797		$		797		$		1,594		$		1,594
Amortization of deferred financing costs			99				93				192				192
Total interest and amortization of deferred financing costs	$		896		$		890		$		1,786		$		1,786

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

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


	June 30, 2025			December 31, 2024
Principal amount of debt	$	116,637		$	115,000
Unamortized deferred financing cost		(2,704	)		(2,879	)
Issuance premium and/or (discount), net of accretion		14			—
Carrying value of March 2029 Notes	$	113,947		$	112,121

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


		Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Stated interest expense	$		7,472		$		4,508		$		13,600		$		9,351
Amortization of deferred financing costs			384				215				770				420
Total interest and amortization of deferred financing costs	$		7,856		$		4,723		$		14,370		$		9,771

Weighted average effective interest rate			7.8	%			9.4	%			8.1	%			9.3	%
Weighted average outstanding balance	$		402,755		$		200,452		$		354,294		$		210,769