LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of June 30, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	72,500	30-Day LIBOR + [1.35% - 1.95%]	November 2023
2026 Term Loan (1)		100,000	30-Day SOFR + 0.10% + [1.35% - 1.95%]	May 2026
2027 Term Loan (2)		100,000	30-Day SOFR + 0.10% + [1.25% - 1.90%]	January 2027
Mortgage Note Payable – CMBS Portfolio		30,000	4.33%	October 2034
Total Debt/Weighted-Average Rate	$	302,500	3.04%

(1) Effective May 21, 2021, as amended on April 14, 2022 in connection with the 2026 Term Loan Amendment (hereinafter defined), the Company utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 0.80% plus the applicable spread on $60.0 million of the $100.0 million 2026 Term Loan (hereinafter defined) balance. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(2) Effective September 30, 2021, as amended on April 14, 2022 in connection with the 2027 Term Loan Amendment (hereinafter defined), the Company utilized interest rate swaps, inclusive of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix SOFR and achieve a weighted average fixed interest rate of 0.51% plus the applicable spread on $80.0 million of the $100.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

Schedule of components of long-term debt

Long-term debt as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands):

	June 30, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	72,500	$	—	$	99,000	$	—
2026 Term Loan		100,000		—		60,000		—
2027 Term Loan		100,000		—		80,000		—
Mortgage Note Payable – CMBS Portfolio		30,000		—		30,000		—
Financing Costs, net of Accumulated Amortization		(1,527)		—		(1,260)		—
Total Long-Term Debt	$	300,973	$	—	$	267,740	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of June 30, 2022 will be required as follows (in thousands):

Year Ending December 31,	Amount
Remainder of 2022	$	—
2023		72,500
2024		—
2025		—
2026		100,000
2027		100,000
2028 and Thereafter		30,000
Total Long-Term Debt - Face Value	$	302,500

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of June 30, 2022 consisted of the following (in thousands):

	Total
Current Face Amount	$	302,500
Financing Costs, net of Accumulated Amortization		(1,527)
Total Long-Term Debt	$	300,973

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Interest Expense	$	1,991	$	594	$	3,546	$	1,084
Amortization of Deferred Financing Costs to Interest Expense		132		84		257		149
Total Interest Expense	$	2,123	$	678	$	3,803	$	1,233
Total Interest Paid	$	1,840	$	623	$	3,352	$	1,105