Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
Debt:
Prior Revolver	December 23, 2023	—	$	—	$	64,000
2024 Term Loan (1)	December 23, 2024	1.36%	175,000		175,000
New Revolver (2)	August 11, 2026	3.95%	30,000		—
2028 Term Loan (3)	February 11, 2028	3.88%	200,000		—
Mortgage Note	November 1, 2027	4.53%	8,534		—
Total debt			413,534		239,000
Unamortized discount and debt issuance costs			(2,431)		(670)
Unamortized deferred financing costs, net (4)			(2,871)		(796)
Total debt, net			$	408,232	$	237,534

(1) Loan is a floating-rate loan which resets monthly at one-month LIBOR plus the applicable margin which was 1.15% as of September 30, 2022. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to the fixed rate noted as of September 30, 2022.

(2) The annual interest rate of the New Revolver assumes one-month SOFR as of September 30, 2022 of 2.85% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of September 30, 2022. Additionally, the New Revolver may be extended up to one year.

(3) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2022. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to the fixed rate noted as of September 30, 2022.

(4) The Company records deferred financing costs for the New Revolver in other assets, net on its condensed consolidated balance sheets.

Schedule of Maturities

Payments on the 2024 and 2028 Term Loan are interest only through maturity. As of September 30, 2022, scheduled maturities, including balloon payments, are as follows (in thousands):

	Scheduled Principal		Balloon Payment		Total
Remainder of 2022	$	38	$	—	$	38
2023	155		—		155
2024	162		175,000		175,162
2025	170		—		170
2026	178		30,000		30,178
Thereafter	170		207,663		207,833
Total	$	873	$	412,663	$	413,536

Components of Interest Expense

The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revolving credit facilities (1)	$	1,222	$	154	$	2,518	$	459
Term loans	1,670		608		2,854		1,801
Mortgage note payable	1		—		1		—
Non-cash:
Amortization of deferred financing costs	153		101		354		302
Amortization of debt discount, net	86		56		199		169
Capitalized interest	(115)		(24)		(218)		(38)
Total interest expense, net	$	3,017	$	895	$	5,708	$	2,693

(1) Includes facility fees and non-utilization fees of approximately $0.1 million and $0.2 million for the three months ended September 30, 2022 and 2021, and facility fees of $0.5 million and $0.2 million for the nine months ended September 30, 2022 and 2021.