Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Debt Obligations

Schedule of interest rate swaps

						Notional	Fair Value at
Date Entered	Maturity Date	Swap Rate		Rate Index		Amount		December 31, 2022
November 2021	November 19, 2025	2.62	%	1-month SOFR	$	50,000	$	4,003
November 2021	November 19, 2026	2.76	%	1-month SOFR		50,000		4,716
					$	100,000	$	8,719

Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of December 31, 2022 and 2021 (dollar amounts in thousands):

		At December 31, 2022				At December 31, 2021
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate (1)	Balance		Borrowing		Balance		Borrowing
Revolving line of credit (2)	5.38%	$	130,000	$	270,000	$	110,900	$	289,100
Term loans, net of debt issue costs	2.69%		99,511		—		99,363		—
Senior unsecured notes, net of debt issue costs (3)	4.25%		538,343		—		512,456		—
Total	4.24%	$	767,854	$	270,000	$	722,719	$	289,100

(1) Represents weighted average of interest rate as of December 31, 2022.

(2) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit.

(3) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.

Schedule of borrowings and repayments

Our borrowings and repayments for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):

	Year Ended December 31,
	2022				2021				2020
Debt Obligations		Borrowings		Repayments	Borrowings		Repayments		Borrowings		Repayments
Revolving line of credit (1)	$	194,000	$	(174,900)	$	204,400	$	(183,400)	$	24,000	$	(28,000)
Term loans		—		—		100,000		—		—		—
Senior unsecured notes (2)		75,000		(48,160)		—		(47,160)		—		(40,160)
Total	$	269,000	$	(223,060)	$	304,400	$	(230,560)	$	24,000	$	(68,160)

(1) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit.

(2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.

Schedule of principal payments and amounts due at maturity

	Total			2023			2024		2025			2026		2027		Thereafter
Revolving line of credit	$	130,000	(1)	$	—		$	—	$	130,000	(1)	$	—	$	—	$	—
Term loans		100,000			—			—		50,000			50,000		—		—
Senior unsecured notes		539,820	(2)		49,160	(2)		49,160		49,500			51,500		54,500		286,000
	$	769,820		$	49,160		$	49,160	$	229,500		$	101,500	$	54,500	$	286,000

(1) Subsequent to December 31, 2022, we borrowed $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit.

(2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.