DEBT (Tables)

3 Months Ended

Mar. 31, 2026

The components of debt, including the effects of issuance costs and discounts, net as of March 31, 2026 and December 31, 2025, are set forth below (in thousands).


	March 31, 2026		December 31, 2025
Revolving credit agreements:
Credit Agreement due 2029	$	185,000	$	398,000
San Mateo Credit Facility due 2029	918,000		883,000
Senior unsecured notes:
6.875% senior notes due 2028 (the “2028 Notes”)	—		500,000
6.500% senior notes due 2032 (the “2032 Notes”)	900,000		900,000
6.250% senior notes due 2033 (the “2033 Notes”)	750,000		750,000
6.000% senior notes due 2034 (the “2034 Notes”)	750,000		—
Issuance costs and discounts, net	(34,059)		(28,898)
Total senior unsecured notes payable	2,365,941		2,121,102
Total long-term debt	$	3,468,941	$	3,402,102

Debt Instrument Redemption

On or after April 15, 2029, the Company may redeem all or a part of the 2034 Notes at any time or from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:


Year						Redemption Price
2029						103.0%
2030						101.5%
2031 and thereafter						100.0%