Year Ended December 31,

2024

2023

2022

(In thousands)

Interest expense before capitalized interest

$

131,924

$

117,811

$

87,246

Amortization of deferred financing costs

17,405

9,779

4,532

Interest expense related to finance lease right-of-use assets

—

2,091

Net (gain) loss on non-designated derivatives:

Net unrealized (gain) loss

83

7,822

(7,355)

Net realized loss

—

304

Capitalized interest

(15,344)

(26,752)

(10,888)

Interest expense

$

134,068

$

108,660

$

75,930