SENIOR NOTES PAYABLE

3 Months Ended

Mar. 31, 2022

Senior notes payable, net, are comprised of the following:


	March 31, 2022		December 31, 2021



6.750% Senior notes due May 31, 2024	$	111,287	$	111,170
6.500% Senior notes due September 30, 2026	179,783		178,787
6.375% Senior notes due February 28, 2025	144,521		144,521
6.000% Senior notes due January 31, 2028	266,058		259,347
5.500% Senior notes due March 31, 2026	216,277		214,243
5.250% Senior notes due August 31, 2028	405,483		397,302
5.000% Senior notes due December 31, 2026	324,714		322,679
	1,648,123		1,628,049
Less: Unamortized debt issuance costs	(20,474)		(21,489)
	$	1,627,649	$	1,606,560

During the three months ended March 31, 2022 and 2021, the Company issued $20,073 and $12,858, respectively, of senior notes with maturity dates ranging from May 2023 to August 2028 pursuant to At the Market Issuance Sales Agreements with B. Riley Securities, Inc. which governs the program of at-the-market sales of the Company’s senior notes. A series of prospectus supplements were filed by the Company with the SEC in respect of the Company’s offerings of these senior notes.

As of March 31, 2022 and December 31, 2021, the total senior notes outstanding was $1,627,649 (net of unamortized debt issue costs of $20,474) and $1,606,560 (net of unamortized debt issue costs of $21,489) with a weighted average interest rate of 5.69%. Interest on senior notes is payable on a quarterly basis. Interest expense on senior notes totaled $24,409 and $18,706 for the three months ended March 31, 2022 and 2021, respectively.

Sales Agreement Prospectus to Issue Up to $250,000 of Senior Notes

The most recent sales agreement prospectus was filed by us with the SEC on January 5, 2022 (the “Sales Agreement Prospectus”) superseding the prospectus filed with the SEC on August 11, 2021, the prospectus filed with the SEC on April 6, 2021, and the prospectus filed with the SEC on January 28, 2021. This program provides for the sale by the Company of up to $250,000 of certain of the Company’s senior notes. As of March 31, 2022 and December 31, 2021, the Company had $91,838 and $111,911, respectively, remaining availability under the Sales Agreement Prospectus.