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DEBT, NET
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT, NET
8. DEBT, NET
The Company’s debt, net is summarized as follows:
December 31, 2025December 31, 2024
Outstanding BorrowingsStated Interest RateMaturity DateOutstanding Borrowings
Loans payable
Revolving Credit Facility (1)
$— 
(i) Base Rate + 1.75%; or
(ii) Adjusted Term SOFR Rate + 2.75%
5/22/27$— 
Total loans payable— — 
Bonds payable
Senior Notes due 2028 (2)
1,000,995 5.50%5/1/281,001,382 
Senior Notes due 2030 (3)
497,470 7.88%12/1/30497,071 
Senior Notes due 2031700,000 7.00%5/1/31700,000 
Senior Notes due 2032800,000 7.00%6/15/32800,000 
Senior Notes due 2033 (4)
497,784 5.88%4/15/33497,551 
Total bonds payable3,496,249 3,496,004 
Debt3,496,249 3,496,004 
Less: Debt issuance costs(47,358)(55,526)
Total debt, net$3,448,891 $3,440,478 
Total debt due within one year$— $— 
(1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.
(2) Includes an unamortized premium of $995 and $1,382 at December 31, 2025 and December 31, 2024, respectively.
(3) Includes an unamortized discount of $2,530 and $2,929 at December 31, 2025 and December 31, 2024, respectively.
(4) Includes an unamortized discount of $2,216 and $2,449 at December 31, 2025 and December 31, 2024, respectively.
Revolving Credit Facility—On May 23, 2024, the Company amended and restated its Revolving Credit Facility by executing a Third Amended and Restated Credit Agreement (the “Revolver Amendment”). The Revolver Amendment provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $400.0 million, of which up to $25.0 million may be utilized for the issuance of letters of credit.
Senior Notes due 2031—On April 11, 2024, the Company issued $700.0 million aggregate principal amount of senior unsecured notes due 2031 (the “Senior Notes due 2031”). The Senior Notes due 2031 bear interest at a rate of 7.00% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2024. Using a portion of the net proceeds, the Company completed a cash tender offer for $324.6 million aggregate principal amount of 2025 Notes validly tendered on April 11, 2024. Holders whose notes were accepted for purchase received equal consideration per $1,000 principal amount of 2025 Notes, plus accrued and unpaid interest to, but not including, April 11, 2024. The Company used the remaining net proceeds to redeem the remaining $325.4 million aggregate principal amount of Senior Notes due 2025, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $2.7 million. The remaining net proceeds were used for general corporate purposes, including the funding of acquisitions and investments.
Senior Notes due 2032—On June 17, 2024, the Company issued $800.0 million aggregate principal amount of senior unsecured notes due 2032 (the “Senior Notes due 2032”). These notes bear interest at a rate of 7.00% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. The Company utilized the net proceeds from the issuance for several purposes: (i) to fully repay outstanding amounts under the Company’s Revolving Credit Facility provided under the Revolver Amendment, without reduction in commitments, (ii) to fund the cash termination fee for the previously announced management Internalization described in Note 12, (iii) to complete a cash tender offer for up to $300.0 million in aggregate principal amount of Senior Notes due 2027 validly tendered on June 18, 2024, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $11.2 million, (iv) to cover fees and expenses related to the aforementioned transactions, and (v) for general corporate purposes.
Senior Notes due 2033—On October 9, 2024, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due 2033 (the “Senior Notes due 2033”). The Senior Notes due 2033 bear interest at a rate of 5.875% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2025. Using a portion of the net proceeds, the Company redeemed the remaining $130.5 million aggregate principal amount of Senior Notes due 2027, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $3.2 million. The Company used the remaining net proceeds to pay down in full the Company’s Revolving Credit Facility, with any excess proceeds intended for general corporate purposes, including funding acquisitions and investments.
The Company was in compliance with all debt covenants as of December 31, 2025.
As of December 31, 2025, scheduled principal repayments under the Company’s debt agreements for the next five years and thereafter are summarized as follows:
2026
2027202820292030ThereafterTotal
Revolving Credit Facility— — — — — — — 
Senior Notes due 2028— — 1,000,000 — — — 1,000,000 
Senior Notes due 2030— — — — 500,000 — 500,000 
Senior Notes due 2031— — — — — 700,000 700,000 
Senior Notes due 2032— — — — — 800,000 800,000 
Senior Notes due 2033— — — — — 500,000 500,000 
Total principal payments on loans and bonds payable$— $— $1,000,000 $— $500,000 $2,000,000 $3,500,000