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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table details the mortgage notes, credit facilities and related party note payable of the Company:
Principal Balance Outstanding
Indebtedness
Weighted Average
Interest Rate(1)(6)
Weighted Average
Maturity Date
Maximum Facility SizeJune 30, 2024December 31, 2023
Mortgage notes & credit facilities:
Unsecured term loan credit facility(2)
S + 1.65%
8/11/2027$1,165,500 $1,165,500 $1,095,500 
Unsecured revolving credit facility(3)
S + 1.68%
8/11/2026724,500 339,094 231,255 
Fixed rate mortgages6.25%4/6/2029N/A43,000 — 
Variable rate mortgages (4)
S + 2.50%
11/5/2024N/A397,108 546,005 
Deferred financing costs, net(13,293)(13,172)
Total Mortgage notes & credit facility, net:
$1,931,409 $1,859,588 
Affiliate line of credit
Affiliate line of credit(5)
S + 1.55%
6/30/2024N/A— 200,000 
Affiliate line of credit, net:
$— $200,000 
__________________
(1)The term “S” refers to the relevant floating benchmark rates, which include daily secured overnight financing rate (“SOFR”), 30-day SOFR, one-month euro interbank offered rate (“EURIBOR”), and one-month SONIA as applicable to each loan. As of June 30, 2024, we have outstanding interest rate swaps and interest rate caps that mitigate our exposure to potential future interest rate increases under our floating-rate debt. See further discussion of outstanding interest rate swaps and caps below.
(2)The unsecured term loan credit facility bears interest at a base rate plus a margin ranging from 0.25% to 1.85%. The base rate is the greater of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 0.10%, and (d) 1.0%. The weighted average interest rate for the unsecured term loan credit facility for the six months ended June 30, 2024 was 6.89% (unhedged) and 5.26% (hedged). As of June 30, 2024, we have outstanding interest rate swaps with aggregate notional values of $700,000, $250,000, $145,500 and $70,000 that are structured such that the SOFR rates result in fixed rates of 3.65%, 3.42%, 4.23% and 3.67%, respectively.
(3)The unsecured revolving credit facility bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greater of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 0.10%, and (d) 1.0%. The weighted average interest rate for the unsecured revolving credit facility for the six months ended June 30, 2024 was 6.95% (unhedged) and 6.51% (hedged). As of June 30, 2024, we have an outstanding interest rate swap with an aggregate notional value of $30,000 that is structured such that the SOFR rate results in a fixed rate of 3.67%.
(4)We have interest rate swaps and caps with an aggregate notional value of $45,927 and $382,870, respectively, as of June 30, 2024, that are structured such that the variable rates result in a fixed rate of 3.74% and a capped rate of 3.00%, respectively.
(5)The affiliate note payable bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greater of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 0.10%, and (d) 1.0%. The weighted average interest rate for the affiliate note payable for the six months ended June 30, 2024 was 6.97%.
(6)The Company’s mortgage and notes payable contain yield or spread maintenance provisions.

The Company is subject to various financial and operational covenants under certain of its mortgage notes, term loans credit facilities, and revolving credit facility agreements. These covenants require the Company to maintain certain financial ratios, which include leverage, debt service coverage, and tangible net worth thresholds, among others. As of June 30, 2024, the Company believes it was in compliance with all of its loan covenants that could result in a default under such agreements.
The following table details the future principal payments due under the Company’s outstanding third-party borrowings as of June 30, 2024:
YearAmount
2024 (remaining)$351,157 
2025– 
2026385,045 
20271,165,500 
2028— 
202943,000 
Thereafter— 
Total$1,944,702 
Affiliate Line of Credit
On August 8, 2022, the NLT OP entered into an interest-bearing revolving promissory note with an affiliate, Blue Owl Capital Holdings LP (the “BO Lender”) in the principal amount of up to $250,000. The interest is payable monthly in arrears at the Lender’s election in (i) cash, (ii) Class I units of the NLT OP (using the most recently available net asset value per unit) or (iii) Class I shares of ORENT (using the most recently available net asset value per share). On November 9, 2023, NLT OP amended and restated the loan agreement to remove the revolving feature from the promissory note, and to allow NLT OP to borrow an additional $50,000 on a delayed draw basis, and to set a maturity date of June 30, 2024. As of June 30, 2024, the Company has repaid the outstanding balance under the affiliate line of credit as well as the remaining accrued interest through use of proceeds from the issuance of common shares and cash flows from operations.