Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Debt Obligations

Schedule of interest rate swaps

As of March 31, 2023 and December 31, 2022, the terms of the Interest Rate Swaps are as follows (dollar amounts in thousands):

						Notional	Fair Value at
Date Entered	Maturity Date	Swap Rate		Rate Index		Amount		March 31, 2023		December 31, 2022
November 2021	November 19, 2025	2.62	%	1-month SOFR	$	50,000	$	3,394	$	4,003
November 2021	November 19, 2026	2.76	%	1-month SOFR		50,000		3,963		4,716
					$	100,000	$	7,357	$	8,719

Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands):

		At March 31, 2023				At December 31, 2022
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate (1)	Balance		Borrowing		Balance		Borrowing
Revolving line of credit	5.95%	$	270,100	$	129,900	$	130,000	$	270,000
Term loans, net of debt issue costs	2.69%		99,545		—		99,511		—
Senior unsecured notes, net of debt issue costs	4.24%		531,400		—		538,343		—
Total	4.58%	$	901,045	$	129,900	$	767,854	$	270,000

(1) Represents weighted average of interest rate as of March 31, 2023.

Schedule of borrowings and repayments

During the three months ended March 31, 2023, our debt borrowings and repayments were as follows (in thousands):

	Three Months Ended March 31,
	2023				2022
Debt Obligations		Borrowings		Repayments	Borrowings		Repayments
Revolving line of credit (1)	$	162,700	$	(22,600)	$	47,000	$	—
Senior unsecured notes		—		(7,000)		—		(7,000)
Total	$	162,700	$	(29,600)	$	47,000	$	(7,000)

(1) Subsequent to March 31, 2023, we repaid $6,000 under our Revolving Line of Credit. Accordingly, we have $264,100 outstanding and $135,900 available for borrowing under our Revolving Line of Credit.