Senior Notes Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Key Characteristics of Senior Notes

The following table provides a summary of the key characteristics of the Credit Agreement, as of June 30, 2023:

Current Balance - Line of Credit (in millions)	$	—
Current Balance - Term Loans (in millions)	$	500.0
Maximum Capacity (in millions)	$	1,445.0
Inception Date	September 16, 2022
Revolving Commitment Termination and Term Loan Maturity Date	September 16, 2024
Extension Option(1)	Yes
ABR Revolving Credit Loans Interest Rate	ABR + Applicable Margin
ABR Term Loans Interest Rate	ABR + Applicable Margin
SOFR Revolving Credit Loans Interest Rate	Adjusted SOFR + Applicable Margin
SOFR Term Loans Interest Rate(3)	Adjusted SOFR + Applicable Margin
Facility Fee (2)	0.125% - 0.20% quarterly
(1) The Account has three options to extend the Commitment Termination Date for an additional twelve months each. The Account may also request additional funding, not to exceed $55.0 million, at any time prior to the Commitment Termination Date or the Term Loan Maturity Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed.
(2) The Account is charged a fee on the Line of Credit, whether used or unused, which is determined based on the Account's loan-to-value ratio.
(3) The weighted average interest rate for the three and six months ended June 30, 2023 was 6.081% and 5.855%.

The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of June 30, 2023:

	Principal (in millions)		Interest Rate	Maturity Date
Series A	$	300.0	3.24%	June 10, 2029
Series B	$	200.0	3.35%	June 10, 2032
Series C	$	400.0	5.50%	May 30, 2027