DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments

The following table summarizes the balance of the Company’s indebtedness as of June 30, 2025 and December 31, 2024 (dollars in thousands):

	June 30, 2025						December 31, 2024
	Principal Amount		Deferred Loan Fees		Carrying Amount		Principal Amount		Deferred Loan Fees		Carrying Amount
Senior unsecured notes payable	$	400,000	$	(2,629)	$	397,371	$	400,000	$	(3,073)	$	396,927
Senior unsecured term loan	500,000		(3,981)		496,019		—		—		—
2035 secured notes payable - A	50,816		—		50,816		—		—		—
2035 secured notes payable - B	52,189		—		52,189		—		—		—
2026 secured revolving credit facility	64,550		—		64,550		—		—		—
2029 secured revolving credit facility	62,160		—		62,160		—		—		—
2029 secured revolving credit facility	32,275		—		32,275		—		—		—
	$	1,161,990	$	(6,610)	$	1,155,380	$	400,000	$	(3,073)	$	396,927

As of June 30, 2025, the balance of the indebtedness assumed by the Company upon the consummation of the Acquisition was as follows (dollars in thousands):

	Clydesdale Bank PLC (“Virgin”)			HSBC UK Bank Plc (“HSBC”)			National Westminster Bank Plc (“NatWest”)			Secured notes payable (tranche A)			Secured notes payable (tranche B)			Total
Facility Type	Revolving credit facility			Revolving credit facility			Revolving credit facility			Private placement			Private placement
Size ($)	$	68,670		$	103,005		$	68,670		$	50,816		$	52,189		$	343,350
Drawn debt ($)(1)	$	32,275		$	64,550		$	62,160		$	50,816		$	52,189		$	261,990
Maturity date	December 2029			April 2026			June 2029			December 2035			June 2035
Base rate	SONIA			SONIA			SONIA			N/A			N/A
Margin(2)	2.00		%	2.00		%	2.00		%	N/A			N/A
Fixed interest rate	N/A			N/A			N/A			2.93		%	3.00		%

(1)British Pound debt obligations shown in U.S. Dollars. Foreign-denominated obligations are converted at the applicable exchange rate on the balance sheet date.

(2)SONIA used as of June 30, 2025 was 4.22%.

Schedule of Maturities of Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of June 30, 2025 (dollars in thousands):

	Revolving Credit Facilities(1)		Term Loan		Senior Unsecured Notes		Secured Notes Payable(1)		Total
2025 (Six months)	$	—	$	—	$	—	$	—	$	—
2026	64,550		—		—		—		64,550
2027	—		—		—		—		—
2028	—		—		400,000		—		400,000
2029	94,435		—		—		—		94,435
2030	—		500,000		—		—		500,000
Thereafter	—		—		—		103,005		103,005
Total Debt	$	158,985	$	500,000	$	400,000	$	103,005	$	1,161,990

(1)The revolving credit facilities and secured notes payable were fully paid off in July 2025. See Note 16, Subsequent Events, for additional information.