Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosures

Schedule of debt

Debt consisted of the following (in thousands):

						Balance Outstanding as of
		September 30, 2025				September 30,		December 31,
		Rate Type	Interest Rate		Maturity Date	2025		2024
						(unaudited)
Unsecured Corporate Credit Facilities (1)
Term Loan 1	(2)	Fixed	4.68	%	January 24, 2029	$	185,000	$	175,000
Term Loan 2	(3)	Fixed	5.34	%	January 24, 2030		275,000		175,000
Term Loan 3	(4)	Floating	5.53	%	January 24, 2031		300,000		225,000
Term Loan 4	(5)	N/A	N/A		N/A		—		100,000
Total unsecured corporate credit facilities						$	760,000	$	675,000
Unsecured Senior Notes
Series A		Fixed	4.69	%	January 10, 2026	$	65,000	$	65,000
Series B		Fixed	4.79	%	January 10, 2028		105,000		105,000
Total unsecured senior notes						$	170,000	$	170,000
Total debt							930,000		845,000
Unamortized deferred financing costs							(12,548)		(3,953)
Debt, net of unamortized deferred financing costs						$	917,452	$	841,047

(1) The variable interest rates on the Company’s unsecured corporate credit facilities are based on a pricing grid depending on the Company’s leverage ratio plus SOFR.

(2) New Term Loan 1 is currently subject to one interest rate swap derivative (see Note 4). New Term Loan 1 has an initial maturity of January 24, 2029 with two twelve-month options to extend at the Company’s election, which would result in an extended maturity of January 24, 2031, upon the payment of applicable fees and the satisfaction of certain customary conditions.

(3) New Term Loan 2 is subject to three interest rate swap derivatives (see Note 4). New Term Loan 2 has an initial maturity of January 24, 2030 with one twelve-month option to extend at the Company’s election, which would result in an extended maturity of January 24, 2031, upon the payment of applicable fees and the satisfaction of certain customary conditions.

(4) New Term Loan 3 is subject to one interest rate swap derivative (see Note 4) covering a partial balance of $25.0 million.

(5) Term Loan 4 was consolidated into the New Term Loans in conjunction with the Company’s Amended Credit Agreement.

Schedule of interest expense

Total interest incurred and expensed on the Company’s debt was as follows (unaudited and in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest expense on debt	$	12,927	$	12,395	$	37,209	$	37,012
Noncash interest on derivatives, net		(495)		3,326		668		1,095
Amortization of deferred financing costs		980		741		2,782		2,219
Capitalized interest		—		(480)		(1,401)		(641)
Total interest expense	$	13,412	$	15,982	$	39,258	$	39,685