Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Debt Obligations

Schedule of interest rate swaps

						Notional	Fair Value at December 31,
Date Entered	Maturity Date	Swap Rate		Rate Index		Amount		2023		2022
November 2021	November 19, 2025	2.62	%	1-month SOFR	$	50,000	$	2,698	$	4,003
November 2021	November 19, 2026	2.76	%	1-month SOFR		50,000		3,412		4,716
					$	100,000	$	6,110	$	8,719

Schedule of Debt Obligations

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

		At December 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	6.66%	$	302,250	$	97,750	$	130,000	$	270,000
Term loans, net of debt issue costs	2.74%		99,658		—		99,511		—
Senior unsecured notes, net of debt issue costs	4.20%		489,409		—		538,343		—
Total	4.87%	$	891,317	$	97,750	$	767,854	$	270,000

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

(2) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit.

Schedule of borrowings and repayments

Our borrowings and repayments for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Year Ended December 31,
	2023					2022				2021
Debt Obligations		Borrowings		Repayments		Borrowings		Repayments		Borrowings		Repayments
Revolving line of credit	$	277,450	$	(105,200)	(1)	$	194,000	$	(174,900)	$	204,400	$	(183,400)
Term loans		—		—			—		—		100,000		—
Senior unsecured notes		—		(49,160)			75,000		(48,160)		—		(47,160)
Total	$	277,450	$	(154,360)		$	269,000	$	(223,060)	$	304,400	$	(230,560)

(1) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit.

Schedule of principal payments and amounts due at maturity

The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2023, and excludes the effects of interest and debt issue costs (in thousands):

	Total			2024		2025			2026		2027		2028		Thereafter
Revolving line of credit	$	302,250	(1)	$	—	$	302,250	(2)	$	—	$	—	$	—	$	—
Term loans		100,000			—		50,000			50,000		—		—		—
Senior unsecured notes		490,660			49,160		49,500			51,500		54,500		55,000		231,000
	$	892,910		$	49,160	$	401,750		$	101,500	$	54,500	$	55,000	$	231,000

(1) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit.

(2) Subsequent to December 31, 2023, we exercised our option to extend the maturity date of our Credit Agreement to November 19, 2026.