DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT

DEBT

The Company's debt as of June 30, 2026 and December 31, 2025 consists of the following (amounts in thousands):

	As of June 30, 2026						As of December 31, 2025
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs		Total
Revolving credit facility	$	400,000	$	(4,108)	$	395,892	$	900,000	$	(4,564)	$	895,436
Total debt	$	400,000	$	(4,108)	$	395,892	$	900,000	$	(4,564)	$	895,436

Revolving credit facility

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.

During the six months ended June 30, 2026, we repaid $500 million of outstanding borrowings on our revolving credit facility leaving $400 million outstanding and $1 billion available under our revolving credit facility as of June 30, 2026. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2026.

Interest expense, which includes interest on outstanding borrowings and amortization of the debt issuance costs, was $6.1 million and $15.8 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2025, respectively. The interest rate on borrowings under our credit facility as of June 30, 2026, was SOFR plus 1.2% for an all-in rate of 4.8%.

On July 15, 2026, we repaid $75 million of outstanding borrowings on our revolving credit facility leaving $325 million outstanding and $1.075 billion available as of the date of this report. We may repay borrowings under our revolving credit facility at any time without premium or penalty.