Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

				Amounts Outstanding as of
	Contractual Maturity Date	Fully Extended Maturity Date (5)	Interest Rate	June 30, 2023		December 31, 2022
Debt:
2024 Term Loan	December 23, 2024	—	1.37%	$	—	$	175,000
2027 Term Loan (1)	January 15, 2026	January 15, 2027	1.37%	175,000		—
Revolver (2)	August 11, 2026	August 11, 2027	6.15%	106,000		113,000
2028 Term Loan (3)	February 11, 2028	—	3.88%	200,000		200,000
Mortgage Note	November 1, 2027	—	4.53%	8,435		8,498
Total debt				489,435		496,498
Unamortized discount and debt issuance costs				(2,853)		(2,306)
Unamortized deferred financing costs, net (4)				(2,313)		(2,684)
Total debt, net				$	484,269	$	491,508

(1) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of June 30, 2023. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate.

(2) The annual interest rate of the Revolver assumes daily SOFR as of June 30, 2023 of 5.05% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of June 30, 2023.

(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 June 30, 2023. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate.

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

(5) Date represents the fully extended maturity date available to the Company under each related debt instrument.

Schedule of Debt Maturities

Payments on the 2027 Term Loan and the 2028 Term Loan are interest only through maturity. As of June 30, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands):

	Scheduled Principal		Balloon Payment (1)		Total
Remainder of 2023	$	92	$	—	$	92
2024	162		—		162
2025	170		—		170
2026	178		281,000		281,178
2027	170		7,663		7,833
Thereafter	—		200,000		200,000
Total	$	772	$	488,663	$	489,435

Interest Income and Interest Expense Disclosure

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revolving credit facilities (1)	$	2,567	$	818	$	3,716	$	1,296
Term loans (2)	2,668		593		5,168		1,184
Mortgage note payable	100		—		193		—
Non-cash:
Amortization of deferred financing costs	186		101		371		201
Amortization of debt discount, net	150		56		301		113
Capitalized interest	(150)		(46)		(284)		(103)
Total interest expense, net	$	5,521	$	1,522	$	9,465	$	2,691

(1) Includes facility fees and non-utilization fees of approximately $0.2 million and less than $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and facility fees of $0.3 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively.

(2) Includes the effects of interest rate hedges in place as of such date.