v3.26.1
Indebtedness, net
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Indebtedness, net
5.
Indebtedness, net

As of March 31, 2026, no amounts have been drawn on the Revolving Credit Facility. For definitions of the debt facilities included herein, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The outstanding indebtedness at March 31, 2026 is summarized as follows (in thousands):

 

 

 

Carrying Value as of

 

 

 

 

 

 

March 31, 2026

 

December 31, 2025

 

Interest Rate(A)

 

Maturity Date(A)

2025 Notes

 

$

150,000

 

$

150,000

 

5.58%—5.87%

 

Sep 2030 — Sep 2032

2026 Notes

 

 

200,000

 

 

28,000

 

4.90%—5.13%

 

Jan 2031 — Jan 2033

Net unamortized debt issuance costs

 

 

(2,847

)

 

(2,914

)

 

 

 

Total senior notes

 

$

347,153

 

$

175,086

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Term Loan

 

$

100,000

 

$

100,000

 

4.53%(B)

 

Oct 2027

2025 Term Loan

 

 

150,000

 

 

150,000

 

4.61%(B)

 

Jan 2029

Net unamortized debt issuance costs

 

 

(1,650

)

 

(1,847

)

 

 

 

Total term loans

 

$

248,350

 

$

248,153

 

 

 

 

 

 

 

 

 

 

 

 

 

Total indebtedness

 

$

595,503

 

$

423,239

 

 

 

 

 

(A)
As of March 31, 2026.
(B)
Reflects the utilization of a swap, which caps the variable-rate (SOFR) interest rate.

The 2025 Notes and 2026 Notes contain certain customary covenants including, among other things, a maximum total leverage ratio, a maximum secured leverage ratio, a maximum unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured interest coverage ratio. The Company was in compliance with these financial covenants at March 31, 2026.

The 2024 Term Loan, 2025 Term Loan and the Revolving Credit Facility contain certain customary covenants including, among other things, leverage ratios and debt service coverage and fixed-charge coverage ratios, as well as limitations on the Company’s ability to sell all or substantially all of the Company’s assets and engage in certain mergers and acquisitions. The 2024 Term Loan, 2025 Term Loan and the Revolving Credit Facility also contain customary default provisions including, among other things, the failure to make timely payments of principal and interest payable thereunder and the failure of the Company or its subsidiaries to pay, when due, certain indebtedness in excess of certain thresholds beyond applicable grace and cure periods. The Company was in compliance with these financial covenants at March 31, 2026.