DEBT

6 Months Ended

Jun. 30, 2024

DEBT

DEBT

7 – DEBT

Long-term debt, net consists of the following:

	June 30,		December 31,
	2024		2023
Principal amount	$	105,000	$	200,000
Less: Unamortized deferred financing costs		(8,834)		(9,831)
Less: Current portion		—		—
Long-term debt, net	$	96,166	$	190,169

$500 Million Revolver

On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing $450 Million Credit Facility (as defined below). The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of the Company’s asset base as well as general corporate purposes (the “$500 Million Revolver”). The maturity date of the $500 Million Revolver is November 29, 2028.

As of June 30, 2024, there was $327,655 availability under the $500 Million Revolver. Total debt repayments of $65,000 and $95,000 were made during the three and six months ended June 30, 2024, respectively, under the $500 Million Revolver.

As of June 30, 2024, the Company was in compliance with all of the financial covenants under the $500 Million Revolver.

$450 Million Credit Facility

On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which was allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s two prior credit facilities.

On May 30, 2023, the Company entered into an amendment to the $450 Million Credit Facility to transition from the use of the London Inter-Bank Offered Rate (“LIBOR”) to calculate interest to the Secured Overnight Financing Rate (“SOFR”) effective June 30, 2023. Borrowings began bearing interest at SOFR plus the applicable margin effective June 30, 2023.

Total debt repayments of $8,750 and $17,500 were made during the three and six months ended June 30, 2023, respectively, under the $450 Million Credit Facility.

On November 29, 2023, the Company entered into a fourth amendment to the $450 Million Credit Facility; refer to the “$500 Million Revolver” section above.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The effective interest rate below does not include the effect of any interest rate cap agreements. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Effective Interest Rate	9.24	%	8.39	%	8.70	%	8.06	%
Range of Interest Rates (excluding unused commitment fees)	7.17% to 7.19	%	6.91% to 7.37	%	7.17% to 7.21	%	6.43% to 7.37	%