DEBT, NET

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT, NET

6. DEBT, NET

The Company’s debt, net is summarized as follows:

	June 30, 2026 (unaudited)				December 31, 2025
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	—	(i) Base Rate + 0.25% - 1.00%; or (ii) Adjusted Term SOFR Rate + 1.25% - 2.00%	4/24/31	$	—
Total loans payable	—				—
Bonds payable
Senior Notes due 2028 (2)	1,000,793		5.50%	5/1/28	1,000,995
Senior Notes due 2030 (3)	497,682		7.88%	12/1/30	497,470
Senior Notes due 2031	700,000		7.00%	5/1/31	700,000
Senior Notes due 2032	800,000		7.00%	6/15/32	800,000
Senior Notes due 2033 (4)	497,905		5.88%	4/15/33	497,784
Total bonds payable	3,496,380				3,496,249
Debt	3,496,380				3,496,249
Less: Debt issuance costs	(43,060)				(47,358)
Total debt, net	$	3,453,320			$	3,448,891
Total debt due within one year	$	—			$	—

(1)Requires a quarterly commitment fee at a rate of 0.15% - 0.30% on the average daily unused portion, as well as customary letter of credit fees and agency fees. Both the quarterly commitment fee and the margin for the Base Rate and Adjusted Term SOFR Rate are based upon the debt to EBITDA ratio as of the end of the most recent fiscal quarter.

(2)Includes an unamortized premium of $793 at June 30, 2026 (December 31, 2025 - $995).

(3)Includes an unamortized discount of $2,318 at June 30, 2026 (December 31, 2025 - $2,530).

(4)Includes an unamortized discount of $2,095 at June 30, 2026 (December 31, 2025 - $2,216).

The Company was in compliance with all debt covenants as of June 30, 2026.

Revolving Credit Facility

On April 24, 2026, the Company amended and restated its Revolving Credit Facility by executing a Fourth 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 $2.025 billion, of which up to $50.0 million may be utilized for the issuance of letters of credit.