Debt Obligations (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Debt Obligations |
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| Schedule of interest rate swaps |
Information regarding our Interest Rate Swaps measured at fair value, which are classified as Level 2 of the fair value hierarchy, is presented below (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional | | Fair Value at | | Date Entered | | Maturity Date | | Swap Rate | | Rate Index | | | Amount | | | March 31, 2026 | | | | December 31, 2025 | | November 2021 | | November 19, 2026 | | 2.46 | % | | 1-month SOFR | | $ | 50,000 | (1) | $ | 755 | | | $ | 938 | | December 2025 | | December 12, 2028 | | 4.61 | % | | SOFR with 5-day lookback | | | 25,000 | | | 103 | | | | (52) | | December 2025 | | December 12, 2028 | | 4.61 | % | | SOFR with 5-day lookback | | | 25,000 | | | 106 | | | | (55) | | December 2025 | | December 12, 2029 | | 4.65 | % | | SOFR with 5-day lookback | | | 55,000 | | | 214 | | | | (136) | | December 2025 | | December 12, 2030 | | 4.68 | % | | SOFR with 5-day lookback | | | 30,000 | | | 145 | | | | (45) | | December 2025 | | December 12, 2030 | | 4.72 | % | | SOFR with 5-day lookback | | | 25,000 | | | 85 | | | | (74) | | December 2025 | | December 12, 2032 | | 5.21 | % | | SOFR with 5-day lookback | | | 27,500 | | | 121 | | | | (45) | | December 2025 | | December 12, 2032 | | 5.25 | % | | SOFR with 5-day lookback | | | 12,500 | | | 27 | | | | (49) | | | | | | | | | | | $ | 250,000 | | $ | 1,556 | | | $ | 482 | |
| (1) | During the third quarter of 2025, the interest rate swap was rolled into the Revolving Line of Credit. |
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| Schedule of Debt Obligations |
The following table sets forth information regarding debt obligations by component as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | At March 31, 2026 | | At December 31, 2025 | | | | Applicable | | | | Available | | | | Available | | | | Interest | | Outstanding | | for | | Outstanding | | for | | Debt Obligations | | Rate (1) | | Balance | | Borrowing | | Balance | | Borrowing | | Revolving line of credit (2) | | 4.39% | | $ | 282,963 | | $ | 317,037 | | $ | 252,863 | | $ | 347,137 | | Term loans, net of debt issue costs | | 4.87% | | | 198,315 | | | — | | | 198,213 | | | — | | Senior unsecured notes, net of debt issue costs | | 4.11% | | | 386,145 | | | — | | | 391,105 | | | — | | Total | | 4.38% | | $ | 867,423 | | $ | 317,037 | | $ | 842,181 | | $ | 347,137 | |
| (1) | Represents weighted average interest rate as of March 31, 2026. |
| (2) | Subsequent to March 31, 2026, we repaid $56,000 under our unsecured revolving line of credit. Accordingly, we have $226,963 outstanding and $373,037 available for borrowing under our unsecured revolving line of credit as of May 6, 2026. |
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| Schedule of borrowings and repayments |
During the three months ended March 31, 2026 and 2025, our debt borrowings and repayments were as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2026 | | 2025 | | Debt Obligations | | | Borrowings | | | Repayments | | Borrowings | | Repayments | | Revolving line of credit | | $ | 119,000 | | $ | (88,900) | (1) | $ | 15,000 | | $ | (10,500) | | Senior unsecured notes | | | — | | | (5,000) | | | — | | | (7,000) | | Total | | $ | 119,000 | | $ | (93,900) | | $ | 15,000 | | $ | (17,500) | |
| (1) | Subsequent to March 31, 2026, we repaid $56,000 under our unsecured revolving line of credit. Accordingly, we have $226,963 outstanding and $373,037 available for borrowing under our unsecured revolving line of credit as of May 6, 2026. |
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