Debt (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Components of Interest Expense

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the 2026 Notes, 2028 Notes, 2029 Notes, and 2030 Notes were as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
Interest expense	$	16,666	$	14,134
Accretion of original issue discount		495		395
Amortization of deferred financing costs		824		711
Total Interest Expense	$	17,985	$	15,240

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:


	Three Months Ended
	March 31, 2026			March 31, 2025
Interest expense	$	23,399		$	26,780
Commitment fees		873			624
Amortization of deferred financing costs		1,718			1,494
Accretion of original issue discount		495			395
Swap settlement		1,773			3,678
Total Interest Expense	$	28,258		$	32,971
Average debt outstanding (in millions)	$	1,830.9		$	1,908.1
Weighted average interest rate		5.5	%		6.4	%

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

As of March 31, 2026, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:


	March 31, 2026
	2026 Notes			2028 Notes			2029 Notes			2030 Notes
Principal amount of debt	$	300,000		$	300,000		$	350,000		$	300,000
Original issue discount, net of accretion		(143	)		(928	)		(2,050	)		(2,954	)
Deferred financing costs		(252	)		(2,051	)		(2,873	)		(3,276	)
Fair value of an effective hedge		(3,675	)		2,047			616			5,740
Carrying value of debt	$	295,930		$	299,068		$	345,693		$	299,510
Stated interest rate		2.50	%		6.95	%		6.13	%		5.63	%

As of December 31, 2025, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:


	December 31, 2025
	2026 Notes			2028 Notes			2029 Notes			2030 Notes
Principal amount of debt	$	300,000		$	300,000		$	350,000		$	300,000
Original issue discount, net of accretion		(249	)		(1,015	)		(2,207	)		(3,099	)
Deferred financing costs		(436	)		(2,264	)		(3,115	)		(3,461	)
Fair value of an effective hedge		(5,785	)		4,495			3,307			8,284
Carrying value of debt	$	293,530		$	301,216		$	347,985		$	301,724
Stated interest rate		2.50	%		6.95	%		6.13	%		5.63	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,675,000	$	577,432	$	1,074,795	$	563,190
2026 Notes		300,000		300,000		—		295,930
2028 Notes		300,000		300,000		—		299,068
2029 Notes		350,000		350,000		—		345,693
2030 Notes		300,000		300,000		—		299,510
Total Debt	$	2,925,000	$	1,827,432	$	1,074,795	$	1,803,391

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $14.2 million, $0.4 million, $3.0 million, $4.9 million and $6.2 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(3.7) million, $2.1 million, $0.6 million and $5.7 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.


	December 31, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,675,000	$	513,915	$	1,139,337	$	498,779
2026 Notes		300,000		300,000		—		293,530
2028 Notes		300,000		300,000		—		301,216
2029 Notes		350,000		350,000		—		347,985
2030 Notes		300,000		300,000		—		301,724
Total Debt	$	2,925,000	$	1,763,915	$	1,139,337	$	1,743,234

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.