Debt Obligations (Tables)
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6 Months Ended |
Jun. 30, 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 | | Swap Rate | | Date Entered | | Maturity Date | | Rate Index | | | Amount | | | June 30, 2026 | | | | December 31, 2025 | | 2.46 | % | | November 2021 | | November 19, 2026 | | 1-month SOFR | | $ | 50,000 | (1) | $ | 486 | | | $ | 938 | | 4.61 | % | | December 2025 | | December 12, 2028 | | SOFR with 5-day lookback | | | 25,000 | | | 312 | | | | (52) | | 4.61 | % | | December 2025 | | December 12, 2028 | | SOFR with 5-day lookback | | | 25,000 | | | 315 | | | | (55) | | 4.65 | % | | December 2025 | | December 12, 2029 | | SOFR with 5-day lookback | | | 55,000 | | | 798 | | | | (136) | | 4.68 | % | | December 2025 | | December 12, 2030 | | SOFR with 5-day lookback | | | 30,000 | | | 496 | | | | (45) | | 4.72 | % | | December 2025 | | December 12, 2030 | | SOFR with 5-day lookback | | | 25,000 | | | 380 | | | | (74) | | 4.95 | % | | June 2026 | | June 25, 2029 | | SOFR with 5-day lookback | | | 30,000 | | | 20 | | | | — | | 4.97 | % | | June 2026 | | June 25, 2029 | | SOFR with 5-day lookback | | | 35,000 | | | (3) | | | | — | | 4.97 | % | | June 2026 | | June 25, 2029 | | SOFR with 5-day lookback | | | 30,000 | | | — | | | | — | | 4.99 | % | | June 2026 | | June 25, 2029 | | SOFR with 5-day lookback | | | 55,000 | | | (30) | | | | — | | 5.21 | % | | December 2025 | | December 12, 2032 | | SOFR with 5-day lookback | | | 27,500 | | | 455 | | | | (45) | | 5.25 | % | | December 2025 | | December 12, 2032 | | SOFR with 5-day lookback | | | 12,500 | | | 180 | | | | (49) | | | | | | | | | | | $ | 400,000 | | $ | 3,409 | | | $ | 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 June 30, 2026 and December 31, 2025 (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | At June 30, 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) | | 4.33% | | $ | 200,000 | | $ | 700,000 | | $ | 252,863 | | $ | 347,137 | | Term loans, net of debt issue costs | | 4.66% | | | 198,404 | | | — | | | 198,213 | | | — | | Senior unsecured notes, net of debt issue costs (3) | | 4.11% | | | 378,686 | | | — | | | 391,105 | | | — | | Total | | 4.31% | | $ | 777,090 | | $ | 700,000 | | $ | 842,181 | | $ | 347,137 | |
| (1) | Represents weighted average interest rate as of June 30, 2026. |
| (2) | Subsequent to June 30, 2026, we borrowed $156,100 under our unsecured revolving line of credit. Accordingly, we have $356,100 outstanding and $543,900 available for borrowing under our unsecured revolving line of credit as of August 5, 2026. |
| (3) | Subsequent to June 30, 2026, we repaid $7,000 in scheduled principal paydown on our senior unsecured notes. |
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| Schedule of borrowings and repayments |
During the six months ended June 30, 2026 and 2025, our debt borrowings and repayments were as follows (in thousands): | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | | 2026 | | 2025 | | Debt Obligations | | | Borrowings | | | Repayments | | Borrowings | | Repayments | | Revolving line of credit | | $ | 125,037 | (1) | $ | (177,900) | | $ | 53,600 | | $ | (29,400) | | Senior unsecured notes | | | — | | | (12,500) | (2) | | — | | | (12,500) | | Total | | $ | 125,037 | | $ | (190,400) | | $ | 53,600 | | $ | (41,900) | |
| (1) | Subsequent to June 30, 2026, we borrowed $156,100 under our unsecured revolving line of credit. Accordingly, we have $356,100 outstanding and $543,900 available for borrowing under our unsecured revolving line of credit as of August 5, 2026. |
| (2) | Subsequent to June 30, 2026, we repaid $7,000 in scheduled principal paydown on our senior unsecured notes. |
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