Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations as of December 31, 2025 and 2024 were as follows:

	At December 31,
(in thousands)	2025			2024
6.375% senior notes due 2030	$	1,250,000		$	—
6.250% senior notes due 2032		750,000			—
Revolving credit facility maturing on February 7, 2028		110,000			—
Purchase money mortgages		33,000			—
Total debt obligations	$	2,143,000		$	—
Debt issuance costs (1)		(30,938	)		—
Total debt obligations, net	$	2,112,062		$	—

Debt issuance costs for the Senior Notes, net of accumulated amortization.

Summary of Senior Notes Outstanding

The terms of each of the Company’s Senior Notes outstanding as of December 31, 2025 were as follows:

Senior Notes Outstanding	Principal Amount		Net Proceeds		Price		Date Issued
(in thousands)
6.375% senior notes due 2030	$	1,250,000	$	1,227,923		100%		August 7, 2025
6.250% senior notes due 2032	$	750,000	$	737,500		100%		September 11, 2025

Summary of Available Borrowings under Revolving Credit Facility

Available borrowings under the Revolving Credit Facility were as follows:

	At December 31,
(in thousands)	2025
Commitments - maturing on February 7, 2028	$	110,000
Total maximum borrowings capacity	$	1,335,000

Summary of Aggregated Cash Principal Obligations for Debt Obligations

This table includes the aggregated cash principal obligations for all debt obligations described above.

(in thousands)	Amount
2026 (1)	$	29,000
2027 (2)		4,000
2028 (3)		110,000
2029		—
2030 (4)		1,250,000
Thereafter (5)		750,000
Total debt obligations (gross)	$	2,143,000

(1)Scheduled principal payments in 2026 include the first installment of the Florida purchase money mortgage.

(2)Scheduled principal payments in 2027 include the final installment on the Florida purchase money mortgage and repayment of the California purchase money mortgage.

(3)Amounts outstanding for, and reflecting the maturity date of, the Revolving Credit Facility.

(4)2030 principal payments related to the maturity of the 2030 Senior Notes.

(5)Principal payments thereafter relate to the 2032 Senior Notes due in 2032.