DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

DEBT

The Company's debt as of March 31, 2026 and December 31, 2025 consists of the following (amounts in thousands):

	As of March 31, 2026						As of December 31, 2025
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs		Total
Revolving credit facility	$	600,000	$	(4,311)	$	595,689	$	900,000	$	(4,564)	$	895,436
Total debt	$	600,000	$	(4,311)	$	595,689	$	900,000	$	(4,564)	$	895,436

Revolving credit facility

During the three months ended March 31, 2026, we repaid $300 million of outstanding borrowings on our revolving credit facility leaving $600 million outstanding and $800 million available under our revolving credit facility as of March 31, 2026. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of March 31, 2026.

On May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.

Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $9.6 million and $0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. The interest rate on borrowings under our credit facility as of March 31, 2026, was SOFR plus 1.2% for an all-in rate of 5.0%.

On April 13, 2026, we repaid $75 million of outstanding borrowings on our revolving credit facility leaving $525 million outstanding and $875 million available as of the date of this report. We may repay borrowings under our revolving credit facility at any time without premium or penalty.

On May 6, 2026, we notified the lenders of our intent to repay $100 million of outstanding borrowings on May 13, 2026.