LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2022, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):

	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	68,250	30-Day SOFR + 0.10% + [1.25% - 2.20%]	January 2027
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
Total Debt/Weighted-Average Rate	$	268,250	3.98%

(1) As of December 31, 2022, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100 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) As of December 31, 2022, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 1.18% plus 0.10% and the applicable spread on the $100 million 2027 Term Loan (hereinafter defined) balance. 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 December 31, 2022 and 2021 consisted of the following (in thousands): 

	December 31, 2022				December 31, 2021
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	68,250	$	—	$	99,000	$	—
2026 Term Loan		100,000		—		60,000		—
2027 Term Loan		100,000		—		80,000		—
Mortgage Note Payable - CMBS Portfolio		—		—		30,000		—
Financing Costs, net of Accumulated Amortization		(1,134)		—		(1,260)		—
Total Long-Term Debt	$	267,116	$	—	$	267,740	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of December 31, 2022 will be required as follows (in thousands):

Year Ending December 31,	Amount
2023	$	—
2024		—
2025		—
2026		100,000
2027		168,250
2028 and Thereafter		—
Total Long-Term Debt - Face Value	$	268,250

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2022 consisted of the following (in thousands):

	Total
Current Face Amount	$	268,250
Financing Costs, net of Accumulated Amortization		(1,134)
Total Long-Term Debt	$	267,116

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2022, 2021, and 2020 (in thousands):

	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Interest Expense	$	8,940	$	3,340	$	1,276
Amortization of Deferred Financing Costs to Interest Expense		599		362		188
Total Interest Expense	$	9,539	$	3,702	$	1,464
Total Interest Paid	$	7,753	$	3,131	$	1,230