Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

					Amounts Outstanding as of
	Contractual Maturity Date	Fully Extended Maturity Date (1)	Interest Rate (2)	Hedged Interest Rate (3)	December 31, 2025		December 31, 2024
Debt:
2028 Term Loan	February 11, 2028	—	4.82%	3.58%	$	200,000	$	200,000
2029 Term Loan	July 3, 2026	January 3, 2029	4.72%	4.69%	250,000		250,000
2030 Term Loan A	January 15, 2029	January 15, 2030	4.61%	3.35%	175,000		175,000
2030 Term Loan B	January 15, 2029	January 15, 2030	4.71%	4.82%	175,000		—
2031 Term Loan	March 25, 2031	—	4.71%	4.39%	200,000		—
2032 Term Loan	September 24, 2032	—	5.01%	4.70%	100,000		—
Revolver	January 15, 2029	January 15, 2030	4.61%	—	—		239,000
Mortgage Note	November 1, 2027	—	4.53%	—	8,042		8,205
Total debt					1,108,042		872,205
Unamortized discount and debt issuance costs					(6,897)		(2,744)
Unamortized deferred financing costs, net (4)					(5,657)		(1,200)
Total debt, net					$	1,095,488	$	868,261

(1) Date represents the fully extended maturity date available to the Company, subject to certain conditions, under each related debt instrument.

(2) Represents the stated interest rate within the respective debt agreement as of December 31, 2025. The term loans and Revolver bear a floating interest rate (SOFR) plus the applicable margin as described further in “Note 6 – Debt”.

(3) Represents the weighted-average hedged fixed rate plus the applicable margin as of December 31, 2025, as described further in “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments.”

(4) The Company records deferred financing costs associated with the Revolver and loan commitment fees associated with the 2032 Term Loan in other assets, net in the consolidated balance sheets. The Company reclassified the net amount of loan commitment fees associated with the 2029 Term Loan from other assets, net to debt issuance costs upon the $100.0 million draw under the 2029 Term Loan.

Schedule of Maturities of Long-term Debt

Payments on the 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, 2030 Term Loan B, 2031 Term Loan, and 2032 Term Loan are interest-only through maturity. As of December 31, 2025, scheduled debt maturities, including balloon payments, are as follows (in thousands):

	Scheduled Principal Payment		Balloon Payment (1)		Total
2026	$	178	$	250,000	$	250,178
2027	170		7,694		7,864
2028	—		200,000		200,000
2029	—		350,000		350,000
2030	—		—		—
Thereafter	—		300,000		300,000
Total	$	348	$	1,107,694	$	1,108,042

Interest Income and Interest Expense Disclosure

The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):

	Year Ended December 31,
	2025		2024		2023
Revolving credit facilities (1)	$	5,628	$	6,879	$	5,492
Term loans (2)	39,346		25,315		14,518
Mortgage note payable	373		380		387
Non-cash:
Amortization of deferred financing costs	1,231		794		898
Amortization of debt discount and debt issuance costs, net	2,019		1,551		947
Amortization of deferred losses (gains) on interest rate swaps	2,859		(3,789)		(2,124)
Capitalized interest	(154)		(806)		(1,060)
Total interest expense, net	$	51,302	$	30,324	$	19,058

(1) Includes facility fees of approximately $0.8 million, $0.6 million, and $0.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(2) Includes the effects of interest rate hedges.